APA GROUP HAS approached the board of Envestra with an indicative and non-binding proposal under which the two businesses would be combined through an all-share merger. APA acquired a 17.2 per cent interest in Envestra in July 2007, and has supported Envestra with further equity investments over the last six years. APA currently owns 33.0 per cent of Envestra shares and is its largest shareholder.
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