Loan sought as Li Ka-shing readies Swedish bid

Cheung Kong Infrastructure and Power Assets, both controlled by Hong Kong tycoon Li Ka-shing, have reached out to lenders to back a joint bid for Fortum’s Swedish power grid, according to two sources familiar with the matter.

Finland's Fortum is auctioning off its Swedish power distribution assets and had sent out an information memorandum to potential buyers in November. The non-binding bids are due on December 15.

To back its bid, Cheung Kong Infrastructure and Power Assets have reached out to about 20 relationship banks, including major Japanese lenders for financing terms. It's a beauty contest of sorts, said one of the sources. They want some competition...