Power bids pondered by UnitedNetworks

By CHRIS DANIELS

Suitors vying for the affections of the board of UnitedNetworks have completed their proposals and must now wait to hear whether their pleas have been successful.

UnitedNetworks, New Zealand's largest electricity and gas network company, has been on the market since its 70 per cent shareholder, Aquila, ran into financial problems in its US home.

Potential buyers are United's neighbouring lines company, Vector, and Cheung Kong Infrastructure Holdings of Hong Kong.

CKI owns power plants, toll roads and bridges in Hong Kong and mainland China and power projects in Australia, but has been selling assets in China while increasing its investment in Australia.

UnitedNetworks chief executive Dan Warnock said he was sure the board of directors would meet today to discuss the offers.

The company's share price remained unchanged yesterday, closing at $9.50.