Australia: Asciano investors set to green light $9 billion takeover

The $9 billion takeover of rail and port giant Asciano is set to get the greenlight from shareholders this week despite concerns from the competition watchdog, company chairman Malcolm Broomhead said.

Mr Broomhead, in Brisbane on Monday to give a personal donation to the University of Queensland, said approval of the bid would provide much needed capital to lift the capacity of Australia’s port and rail facilities.

Asciano has agreed to be taken over by a consortium including logistics firm Qube and Canadian infrastructure giant Brookfield.

However, the Australian Competition and Consumer Commission has delayed a decision on the deal saying it has received complaints the bid will reduce competition in the container logistics business. It is expected to announce its final decision by July 21.

Mr Broomhead said the takeover was likely to be given the greenlight at a shareholders meeting this Friday despite those concerns. “The ACCC issues are resolvable by the bidders,” he said. “They just have to find a way of doing it but I am sure they can.”

He said investment from foreign companies such as Brookfield was needed to build a competitive.

Full Content: Courirer Mail

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