Vincent Tchenguiz has made a A$1.2bn (£560m) bid for a portfolio of largely UK infrastructure assets. Daily Telegraph, Independent

If successful, Tchenguiz’s A$3.50 per share unsolicited bid for Australian-listed Challenger Infrastructure Fund, would give the investor control of assets including 23% of Southern Water, 9% of Wales & West Utilities and 80% of Inexus, both UK gas network providers.

Tchenguiz has been building up a 20% stake in Challenger since November 2006. Any bid would need the backing of James Packer’s Challenger Financial Services Group, which holds a 33pc stake in the fund.