Chueng Kong takes aim at Finnish power distributor

Could wind up paying US$2 billion for Fortum Oyj.

Cheung Kong Infrastructure intends to take over Fortum Oyj's electricity distribution business in Finland. The main product of Fortum Oyj is the production and distribution of electricity, heat and steam. The company focuses on the Nordic and Baltic countries, Poland and Russia.

The deal will be another acquisition made by Li Ka Shing recently in the European utilities sector. Last June, a consortium led by Li agreed to buy Dutch waste management company, AVR Afvalverwerking BV, in a deal worth more than US$1 billion.