Sydney—Australian gas pipeline operator Envestra has rejected a proposed merger with another local infrastructure company APA Group. APA, which already owns one third of Envestra, proposed a scheme of arrangement merger with the company in mid-July. Under the terms of the proposal, Envestra shareholders would receive 0.1678 new APA shares for each Envestra share they own. They would also be entitled to any Envestra dividend of up to A$0.30/share ($0.27/ share) for the 2012-2013 financial year.
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