A Chinese consortium has gatecrashed the auction of gas pipelines that supply nearly 11m homes and businesses – posing the first big test of Theresa May’s clampdown on foreign ownership of key national infrastructure. The group, believed to include the conglomerate Fosun and the state behemoth China Gas, is understood to have been put together recently to bid for a majority stake in National Grid’s £11bn gas business. Goldman Sachs is understood to be advising the consortium. The Chinese are pitted against two other packs of international investors. Bids are due in later this month. The prime minister last week signalled an end to Whitehall’s laissez-faire approach to foreign takeovers with a pledge to increase the scrutiny of owners of critical assets.
Times 18th Sept 2016 read more »