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The deal would make CKI, founded by Hong Kong tycoon Li Ka-shing, the major gas pipeline player in Australia.
The initial public offering is expected to value the whole company at around A$3 billion.
Private equity firms are expected to drive a wave of merger activity in Australia’s oil and gas sector
The first half of this year has marked the busiest period for Australian issuers since early 2007.
Institutional investors have already committed to buy about A$1.2 billion worth of shares.
It has hiked its bid for a fifth time in nine months after a steep rise in oil prices and potentially deterring any rival bids.
The Japanese company is eager to gain experience as operator of a gas field, a Mitsui spokeswoman in Tokyo said.
The offer topped a A$442-million bid from China Energy Reserve and Chemicals Group.
France’s Engie and Japan’s Mitsui put Australia’s coal fired power station Loy Yang B up for sale a year ago.
Santos has rebuffed the approach from PE-backed Harbour Energy as too cheap.