Hastings Diversified Utilities Fund (ASX:HDF) has signed a $460 million deal with Santos (ASX:STO) to shift natural gas from South Australia's Moomba plant to Queensland.
But the deal’s expected to place pressure on APA Group (ASX:APA) to lift its takeover bid for Hastings.
APA already holds a 20.7 per cent stake in Hastings and says the company’s pipeline assets form a natural fit with its infrastructure asset portfolio.
The board of Hastings has urged shareholders not to accept the bid by gas pipeline owner APA, which is for 0.326 APA securities plus 50 cents for each Hastings share.
APA Group reported a profit of $109 million in the 2011 financial year.
