【英语财经】李嘉诚资产重组交易遇阻 Proxy advisers in rebuff to HK tycoon

Hong Kong billionaire Li Ka-shing has been given a bloody nose by two shareholder proxy firms even after a rare sweetening of a proposed $13.7bn restructuring of his infrastructure and energy assets.

ISS

and Glass Lewis

have both recommended that investors vote against a proposed merger of Cheung Kong Infrastructure

and Power Assets Holdings

— the latest stage in a reorganisation of Mr Li’s sprawling empire, begun in January.

The recommendations raise the prospect of further deal sweetening, according to analysts.

A vote on the merger is set for

November 24.

“With [the ISS recommendation], we believe the deal is almost impossible to go through in the current form,” Rajesh Panjwani, an analyst at CLSA, said. “We still believe the deal is far more important for the group than the ratio.”

A merger of CKI and PAH would unlock $7.5bn of net cash sitting in PAH.

对于拟议中的基建和能源资产137亿美元的重组交易，尽管香港亿万富豪李嘉诚(Li Ka-shing)罕见地提供更优惠的条件，两家股东代理公司还是让他受挫。

机构股东服务公司(ISS)和Glass Lewis都建议投资者投票反对长江基建(Cheung Kong Infrastructure)和电能实业(Power Assets Holdings)拟议中的合并交易。该交易是李嘉诚庞大资产帝国从今年1月启动的重组过程的最新阶段。

分析师们表示，这些建议提升了李嘉诚采取进一步拉拢措施促成交易的可能性。

该合并交易定于11月24日举行投票。

里昂证券(CLSA)分析师拉杰什?潘万尼(Rajesh Panjwani)表示：“由于有（ISS的建议），我们认为该交易几乎不可能以目前形式得到通过。”

长江基建和电能实业的合并将盘活后者持有的75亿美元净现金。

译者/简易