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Australia: Regulator passes Asciano sale

By  |  July 21, 2016

Reuters reports that the ACCC gave the green light to a A$9.1 billion ($6.79 billion) buyout of rail freight giant Asciano Ltd by a global consortium led by Canada’s Brookfield Asset Management Inc.

The go-ahead was a relief for Asciano shareholders after a year-long takeover battle that began with Brookfield’s initial solitary bid of $6.8 billion last July. The ACCC had the option to mount a legal challenge, a move that would have hit the company’s share price.

The buyout must still be approved by Australia’s Foreign Investment Review Board, but analysts expect it to get the nod as the restructured deal keeps Asciano’s various important ports out of Chinese hands.

Brookfield and Qube joined up in February to make a joint offer only for Asciano’s port assets, leaving the railways to China Investment Corp (CIC) and others.

Full Content: Daily Mail

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