APA Group has received the all-clear from the Australian Competition and Consumer Commission (ACCC) to pursue its proposed acquisition of Hastings Diversified Utilities Fund (HDF), however on the condition that APA Group sells the Moomba to Adelaide Pipeline System.
The ACCC confirmed that it would not oppose the proposed acquisition by APA Group of HDF after accepting a court enforceable undertaking from APA to divest the Moomba to Adelaide Pipeline System.
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The company said that the decision now enables APA to consider its options with respect to the takeover, which, in the first instance, involves APA’s intention to waive the ACCC condition and extend the offer prior in relation to its offer to acquire all the staple securities in HDF which it does not already own.
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Image caption: APA Managing Director Mick McCormack.