At a glance
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
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
have both recommended that investors vote against a proposed merger of Cheung Kong Infrastructure
— 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
“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.”
