Owner Chow Tai Fook is said by sources to have no current intention of selling Alinta, but there have been approaches amid the fast-changing power and gas market.
Alinta Energy owner Chow Tai Fook Enterprises is understood to have fielded approaches for the Australian electricity and gas supplier but has no intention to sell, despite other owners of Australian energy utilities being on the look-out for partnerships.
said that Chow Tai Fook, which bought Alinta for about $US3.1 billion in 2017, was preparing to kick off a sale of Alinta within the coming weeks, assisted by adviser Goldman Sachs.Nine However, the Goldman role is understood to be a continuing relationship with Chow Tai Fook, which is backed by Hong Kong billionaire Henry Cheng. Industry sources say talks with potential interested suitors were no more than the continuing industry discussions taking place amid market upheaval due to the transition to low-carbon energy.
Alinta declined to comment, and Chow Tai Fook, a conglomerate that includes jewellery, casino and real estate interests, could not be immediately reached to respond. Australia’s electricity and gas supply market is in a state of flux amid spiking prices and the fast-changing energy mix, as renewable power floods onto the market, putting traditional coal power stations under pressure.The largest player, AGL Energy, was forced in May to scrap a plan to split its business in two after a high-profile campaign led by its new biggest shareholder, tech billionaire Mike Cannon-Brookes.
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