UK ministers urged to intervene if Australian bank takes 100% of gas business

Macquarie has option for all of National Grid gas transmission and metering despite tainted history of owning utilities

Ministers have been urged to intervene if Australian banking powerhouse Macquarie pushes the button on a mooted 3bn deal to take full control of a vital part of the UK's gas grid.

A consortium comprised of Macquarie Asset Management and British Columbia Investment Management Corporation completed the acquisition of 60% of the equity in National Grid's gas transmission and meter business in January, in a deal which valued the business at 7.5bn.