Li Ka-Shing set to launch bid for National Grid gas arm

Li Ka-Shing is set to join the fray for a majority stake in National Grid's gas distribution unit which has attracted multiple potential investors from around the globe.

The Hong Kong business magnate's Cheung Kong Infrastructure was leading a consortium of bidders which was expected to submit a bid by the end of the week, the Financial Times reported, citing people close to the talks.

First round bids for a 51% slice of the business had to be submitted by 23 September.

Analysts referenced by the FT expected the gas distribution unit to fetch between £10bn to £11bn.

Other bidders were believed to include a consortium participated by Canada Pension Plan Investment, another led by Macquarie and privately-held Chinese conglomerate Fosun.

One person close to the latter told the FT that a bid would be submitted this week.

As of 1318 BST shares in National Grid were rising by 2.32% to 1,082p.