APA wins battle for HDF
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APA Group has finally won over energy infrastructure investor and takeover target Hastings Diversified Utilities Fund (HDF).
Hasting's responsible entity, Hastings Funds Management Ltd (HFML), on Tuesday accepted APA's $1.4 billion cash and scrip offer after its protracted takeover battle with Pipeline Partners Australia.
The move came a day after Pipeline said it had no intention of matching a revised offer lodged by APA last Friday.