Wednesday, July 25, 2012

What is Hong Kong's Richest Man Buying (Hint: rotten eggs)

In addition to being Hong Kong's richest person Mr. Li is the richest person of Asian descent in the world.
Forbes puts his net worth at $25.5 Billion which was good for 9th place on their World's Billionaires list.

The smell of residential natural gas is the result of an odorant (usually a mercaptan) added to the gas by the distributor.
From Reuters:
A group of companies controlled by Hong Kong billionaire Li Ka-shing has agreed to buy UK gas company Wales and West Utilities for 645 million pounds ($1 billion), the latest acquisition by the tycoon that will boost his gas portfolio in Britain.

Octogenarian Li has been expanding his business empire by buying into regulated infrastructure and utilities assets in developed countries, especially Britain -- which is open to foreign ownership of its infrastructure assets....MORE

Mr. Li joins Warren Buffett in having a liking for U.K. regulated utilities.
(Berkshire owns MidAmerican which owns Northern Powergrid)

Both MidAm and Mr. Li's Cheung Kong Infrastructure Holdings Ltd. were sniffing around E.ON's UK power grid last year. The sweet assets were eventually won by U.S. based PPL for $5.6 Billion.