Futures contracts for the S&P/ASX 200 (INDEXASX: XJO)(ASX: XJO) index are pointing to a slightly negative open on Wednesday morning with APA Group (ASX: APA) in the spotlight.
Here’s the key headline data:
Australian Dollar ($A) (AUDUSD): 75.71 US cents
Dow Jones (DJI): flat
Oil (WTI): $US65.74 per barrel
Gold: $US1,298 per ounce
Australian Investing News
Making news in Australia today, Australia’s gas pipeline giant APA Group (ASX: APA) has received a massive $13 billion takeover offer, or $11 per share, from a consortium led by China’s CK Infrastructure Holdings Limited (CKI), CK Asset Holdings Limited (CKA) and Power Assets Holdings Limited.
APA Group Chairman Michael Fraser noted, ‘The APA Board will continue to evaluate the proposal and will update APA’s Securityholders and the market as appropriate.’
The proposed deal is subject to many conditions and will raise a few eyebrows in Canberra given the sensitive nature and importance of APA’s unique asset portfolio. According to APA’s website, “We operate and maintain networks connecting 1.3 million Australian homes and businesses to the benefits of natural gas… All up, we own and/or manage and operate a portfolio of assets in excess $20 billion and deliver half the nation’s natural gas usage.”
Read more: Should The $13b APA Group Deal Be Approved?
In the cryptocurrency markets, the price of Bitcoin (BTC) has fallen to its lowest level since February. According to Coinbase data, the price of Bitcoin currently trades around $US6,514, which is down 25% in a month and seemingly a world away from its 12-month high of $US19,200.
Also in the news, Donald Trump and Kim Jong-un’s meeting in Singapore is being heralded as a success with both leaders saying Tuesday’s chat was better-than-expected.
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