Arab Today, arab today australialed group bids 63bn for logistics firm asciano
Last Updated : GMT 03:02:41
Arab Today, arab today
Arab Today, arab today

Australia-led group bids $6.3bn for logistics firm Asciano

Arab Today, arab today

Arab Today, arab today Australia-led group bids $6.3bn for logistics firm Asciano

Asciano CEO John Mullen (R)
Sydney - AFP

An Australian-led consortium including a Chinese sovereign wealth fund bid US$6.30 billion for ports and rail operator Asciano Thursday, kicking off a bidding war with a Canadian asset manager.

Qube Holdings -- leading a group including China's CIC Capital Corporation, the Canada Pension Plan Investment Board and investment group Global Infrastructure Partners -- said it had submitted the offer with an implied value of Aus$9.17 per Asciano share.

That valued the bid at Aus$8.95 billion.

The announcement comes three months after the consortium bought a 19.99 percent stake in the Australian logistics giant and indicated a desire to break up the business.

The move is a direct challenge to the Aus$9 billion takeover bid revealed in July by Canadian asset manager Brookfield Infrastructure Partners, which if successful would be the biggest logistics deal in Australian corporate history.

Brookfield currently has a stake of just over 20 percent in Asciano.

"The official gun has been fired, so we've had this shadow-boxing situation where Brookfield and Qube and its consortium partners have been throwing non-binding bids at each other," IG markets analyst Evan Lucas told AFP.

"This is binding, so it's now a set, official price and a bidding war is underway. The winners out of this are Asciano shareholders. They are either going to get a higher price or a good deal, whichever way the board recommends them to go with."

Brookfield is still waiting for the Australian Competition and Consumer Commission's approval of its takeover bid. An earlier undertaking was rejected by the corporate watchdog owing to questions about competition issues.

Asciano's board said it received and was considering Qube's proposal, but reiterated that it was continuing to unanimously recommend the Brookfield offer at this stage.

Asciano shares closed 4.00 percent higher to Aus$8.84 Thursday in Sydney, while Qube ended the day's trade up 3.81 percent to Aus$2.18.

Brookfield's offer last year came during a flurry of acquisitions in Australia's transport sector -- including Japan Post Holdings' purchase of Toll Holdings -- as the local dollar weakened and the nation's conservative government pushed for infrastructure spending.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australialed group bids 63bn for logistics firm asciano Arab Today, arab today australialed group bids 63bn for logistics firm asciano

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australialed group bids 63bn for logistics firm asciano Arab Today, arab today australialed group bids 63bn for logistics firm asciano

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday