Australia: Fight for Australia’s Asciano intensifies with Qube’s $6.3 billion offer
The battle for Australian stevedoring and rail giant Asciano escalated on Tuesday after ports firm Qube Holdings made a $6.3 billion offer that narrowly beats a rival bid and is expected to draw less concern from antitrust regulators.
Qube, led by Chris Corrigan who ran Asciano’s port unit for 16 years, made an informal cash and scrip offer worth A$9.25 per share, a day after Asciano endorsed a similar bid from Canada’s Brookfield Asset Management worth A$9.22.
The war has seen both Brookfield and Qube dig in their heels by taking one fifth of Asciano each and much will hinge on whether Asciano allows Qube to do due diligence or pursue a buyout that Australia’s competition regulator has already flagged it may block.
The Australian Competition and Consumer Commission has said it could oppose a full Brookfield takeover as the Canadian firm owns the rail tracks Asciano’s freight trains run on.
Full content: The Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI