Ann: Confirmation of Proposal to AusNet Services, page-20

Bridget Carter (DataRoom, 'The Australian' on Thursday 30 September 2021) has a complicated, speculative article but the gist is this:

"...DataRoom has learned that at least one Canadian pension fund had been interested in buying APA at that time.

So far, Sydney Airport, Spark Infrastructure and AusNet have all attracted buyout proposals collectively worth more than $38bn, leaving only APA and Transurban left as major pure-play infrastructure companies listed on the ASX if all deals succeed. Last year, AustralianSuper bid $5bn for New Zealand infrastructure and renewable energy owner Infratil but was rebuffed.

The thinking is an offer for APA would require $22bn including debt.

However APA, which has also been scouring the US market for acquisitions, is vulnerable with the downward pressure on its share price linked to its announcement that it would tap the market for $1.5bn should it buy AusNet.

Some believe that should its share price remain at about $8.58, it may need to raise more equity..."