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Australia: ACCC holds up $12 billion Asciano takeover

 |  October 15, 2015

The competition watchdog has raised concerns about the proposed $12 billion takeover of Asciano by Brookfield Infrastructure will reduce competition.

The Australian Competition and Consumer Commission said the massive takeover could lead to rail haulage in Western Australia and Queensland being dominated by the Canadian transport and utilities giant.

The ACCC said on Thursday it will take another two months to assess the impact of what would be the biggest logistics deal in Australian corporate history.

Brookfield’s bid for the port and rail operator behind Patrick stevedores and Pacific Rail was approved by shareholders in August, but Asciano said the earliest it can now be completed is January.

The ACCC is holding up the cash-and-scrip deal after hearing strong concerns from some in the industry that Brookfield would favour Pacific National through its Brookfield Rail and Dalrymple Bay coal terminal operations.

Full content: Business Insider

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