DUET: Duet says bid by Li Ka-Shing's Cheung Kong Infrastructure approved by Australia

Billionaire Li Ka-shing's A$7.4 billion (US$5.6 billion) takeover bid for power provider Duet Group has won foreign investment approval from the Australian government, paving the way for the Hong Kong tycoon to diversify away from his reliance on Europe. Treasurer Scott Morrison has no objection to the bid by a consortium led by Cheung Kong Infrastructure Holdings, Duet said in a statement to the stock exchange Friday. The deal was approved "overwhelmingly" by proxy voters,...