Brookfield-Qube Unite for Asciano Stake


After months of rivalry for the winning bid to acquire a stake in Asciano, groups led by Brookfield Asset Management and Qube Holdings are mulling over plans to join forces to acquire the Australian port and logistics giant for US$6.6 billion, which would amount to around $6.65 per share, according to Bloomberg.

Asiano said: “In the absence of any alternative superior proposal capable of acceptance, the Asciano Board continues to recommend the Qube Consortium proposal as announced on February 16, [2016].”

Shannon Rivkin, Investment Director at Rivkin Securities Pty, said: “This potentially brings it to an end. That’s still pending them agreeing on the final details, but it brings to an end the chance that there will be any more counter bids.”

It was previously reported that Brookfield’s offer for a stake in Asciano had been trumped by Qube Holdings, who had offered more than $6.3 billion for a stake in the company.

Canadian investment firm Canada Pension Plan Investment Board recently bought a 19.99% stake in Asciano in an effort to battle with Brookfield for Asciano’s assets.

If the deal is completed, it could have an effect on Australia’s economy, and could also have a knock-on effect on Australia’s infrastructure.

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