Brookfield Trumped in Asciano Bidding War

The global battle for a share in Australian port and logistics firm Asciano has taken a new turn after the company turned down Brookfield’s initial offer of US$6.3 billion in favour of rival investor Qube Holdings counter-offer for more than $6.3 billion, which was offered jointly with China Investment Corporation, according to Reuters.

Brookfield is now said to be planning a new bid of $6.4 billion with Qatar’s sovereign fund and Canadian pension fund PSP Investments in order to raise its initial bid from $6.32 billion to $6.43 billion.

Port Technology recently recently that Qube Holdings had made its counter-offer to Brookfield in a move which they believed would add superior value to shareholders.

The move was also said to have a significant effect on Australia’s infrastructure and could lead to a restructuring of Australia’s economy.

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