Shares in two units of Hong Kong billionaire Li Ka-shing’s empire slumped on opening Wednesday after investors in energy business Power Assets Holdings voted down a planned $13.7bn merger.
After a fraught meeting on Tuesday, independent investors in PAH, one of the subsidiaries of Mr Li’s Cheung Kong Infrastructure group, rejected a merger that would give the parent company access to an $8bn cash pile.
On Wednesday Cheung Kong Infrastructure group, in which Mr Li is the largest shareholder, fell as much as 3 per cent to HK$67 and Power Assets Holdings was down as much as 5 per cent to HK$69.05. Both later pared losses and by mid morning shares were down 1.2 per cent and 3.8 per cent respectively.
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