Sydney, July 16, 2013 -- Moody's Investors Service notes APA Group's ("APA" - for which APT Pipelines Ltd is the financing vehicle - Baa2 stable) approach to the board of Envestra Limited (Envestra - Baa2 stable), under which the two businesses would be combined through an all-share merger, which was announced on the 16 July. The proposal is indicative, non-binding and subject to several conditions including finalising financing arrangements that address Envestra's resultant and ongoing debt requirements, and competition authority approvals. APA is currently Envestra's largest shareholder with an approximate 33% shareholding, and also operates Envestra's pipelines.

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