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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Federal Judge Orders Google to Open Android App Store Amid Antitrust Pressure
Oct 7, 2024 by
CPI
Federal Judge Greenlights FTC’s Antitrust Lawsuit Against Amazon, Tosses Some State Claims
Oct 7, 2024 by
CPI
Supreme Court Rejects Uber and Lyft’s Appeal in California Gig Worker Suits
Oct 7, 2024 by
CPI
Supreme Court Sidesteps 5-Hour Energy Pricing Case, Allowing Antitrust Claims to Proceed
Oct 7, 2024 by
CPI
Tempur Sealy and Mattress Firm Argue FTC Proceedings Are Unconstitutional in New Suit
Oct 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh