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Asciano accepts Qube, Brookfield offer

Thursday, 17 Mar 2016 ( #761 ) - Sydney, NSW, Australia
Local News Story
Ports operator Asciano is set to be sold to Que and Brookfield.
Ending weeks of speculation, Asciano chief executive John Mullen has backed a binding $9.05 billion joint takeover agreement from Qube and Brookfield Infrastructure, claiming it will strengthen Australia's rail and ports infrastructure.

Asciano's board has recommended a formal takeover bid worth $9.28 per share from Qube, Brookfield and six international investment funds, bringing to an end a nine-month takeover battle for the company.

The parties have signed a binding agreement, under which Asciano will be broken up between the consortium parties.

Qube and Brookfield will buy Asciano's Patrick container terminals business in a 50-50 joint venture for $2.9 billion.

Asciano's Pacific National rail haulage business will be bought by Global Infrastructure Management, the Canada Pension Plan Investment Board, China's CIC Capital Corporation, Singapore sovereign wealth fund GIC, and the British Columbia Investment Management Corporation (BCIMC).

Qube and Brookfield previously made separate cash-and-stock bids for Asciano, but joined forces in February to work on a joint cash bid.

The deal, which requires approval from the Australian Competition and Consumer Commission as well as the Foreign Investment Review Board, is expected to be completed by the end of the financial year if it is approved by Asciano shareholders at a meeting in early June.
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