Tag: AIO

After 11 months the $9 billion plus battle to take control of ports and rail operator, Asciano is now in the home straight following yesterday’s greenlight for the deal from the ACCC, the country’s competition watchdog.

Asciano says it has resolved a legal dispute involving a trucking associate that had threatened to delay the $9.1 billion ($6.8 billion) buyout led by Qube Logistics, Canada’s Brookfield Asset Management and a group of overseas institutions and investment funds.

The $9 billion takeover battle for ports and rail group, Asciano (AIO), has moved decisively in favour of the group led by Qube (QUB) and its chairman, Chris Corrigan after the competition regulator, the ACCC, dealt another blow to chances of Brookfield Infrastructure’s bid winning the day.

The proposed $8.9 billion cash and paper takeover of rail and ports group Asciano (AIO) by US-Canadian funds management group, Brookfield Infrastructure is in some trouble with the competition watchdog claiming it could lead to a “substantial lessening of competition” for rail haulage services in Western Australia and Queensland.

An investor group led by Canadian asset manager Brookfield Asset Management has finally agreed to buy Asciano (AIO) in a deal valued at $A12 billion, in the seventh largest buyout of an Australian firm by an overseas entity.

Shares in Asciano (AIO) soared yesterday after the port and rail operator confirmed it has received a $8.8 billion offer from Canada’s Brookfield Infrastructure Partners.

Port operator Asciano (AIO) has survived what amounts to an ever so small downgrading of expectations for its businesses for 2014.

In a shock move, underperforming rail and ports operator Asciano Ltd has replaced its CEO, Mark Rowsthorn with the appointment of the former global head of freight giant, DHL Express, John Mullen.

While a leading coal miner (Macarthur) was upping its profit forecast, one of the country’s major coal carriers was sounding a note of caution about its outlook.

Port Group, Asciano took advantage of federal budget day to slip out a $1.1 billion write-down in the value of its ports business because of the imminent arrival of a third stevedore in Brisbane and in Melbourne over a couple of years.

In another example of what might be called the New Reality’ of Australian business, Asciano Ltd, the Toll Holdings transport spin-off, had bailed out of its controversial Brambles holding at a minimum loss of $85 million, and probably more like $120 million after funding costs are taken into account.

Shares in transport infrastructure company Asciano (AIO) plunged to an all-time low of $4.53 today after the company posted an inaugural first-half loss of $71.1 million due to demerger and restructuring costs.