I52 Transport Support Services

Asciano backs $9.1b takeover bid from Qube

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 & 20 : 9-Feb-16

A consortium headed by Qube Holdings has gained the support of Asciano’s board after sweetening its takeover offer. The consortium’s revised offer of $A7.04 in cash and one Qube share values the bid at $A9.05bn. Asciano’s board had previously recommended the rival bid of Brookfield Infrastructure Partners, but it will be able to change its recommendation if Brookfield fails to match or exceed the Qube bid within five days. Brookfield’s bid is scheduled to lapse on 18 February.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, GLOBAL INFRASTRUCTURE PARTNERS, CANADA PENSION PLAN INVESTMENT BOARD, CHINA INVESTMENT CORPORATION, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION, GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD, QATAR INVESTMENT AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, PATRICK CORPORATION LIMITED, PACIFIC NATIONAL PTY LTD

Brookfield mulls choice after Qube’s $9b bid

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 & 24 : 29-Jan-16

Shares in listed ports and rail group Asciano closed $A0.34 per cent higher at $A8.84 on 28 January 2016, after a consortium led by Qube Holdings trumped the takeover bid of Brookfield Infrastructure Partners. The offer comprises a cash component of $A6.97 per share and one Qube share, valuing the bid at $A8.85bn. Brookfield’s bid consists of $A6.94 in cash and 0.0387 of its units. Asciano will be broken up if the Qube bid succeeds, with Qube itself planning to acquire the Patrick stevedoring business.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PATRICK CORPORATION LIMITED, GLOBAL INFRASTRUCTURE PARTNERS, CANADA PENSION PLAN INVESTMENT BOARD, CHINA INVESTMENT CORPORATION, PACIFIC NATIONAL PTY LTD, BROOKFIELD ASSET MANAGEMENT INCORPORATED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Sydney air passengers hit record

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Original article by Jamie Freed
The Australian Financial Review – Page: 18 : 21-Jan-16

New figures show that Sydney Airport’s passenger throughput rose by three per cent in 2015, to a record 39.656 million. The number of domestic passengers rose by 2.3 per cent to 25.9 million, while international passenger numbers grew by 4.3 per cent to 13.7 million. The airport benefited from an increase in airlines’ capacity. Meanwhile, a total of 33.1 million passengers passed through Melbourne Airport during 2015.

CORPORATES
SYDNEY AIRPORT – ASX SYD, MELBOURNE AIRPORT, QANTAS AIRWAYS LIMITED – ASX QAN

Brookfield ruling could go ‘either way’

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 54 : 23-Dec-15

The Australian Competition & Consumer Commission (ACCC) will make a final decision on Brookfield Infrastructure Partners’ takeover bid for Asciano on 18 February 2016. Brookfield has indicated that it is prepared to sell the intermodal freight operations of Asciano-owned Pacific National to secure approval for its $A9bn bid. The deadline for submissions to the ACCC on Brookfield’s latest proposal is 22 January.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PACIFIC NATIONAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DALRYMPLE BAY COAL TERMINAL PTY LTD, QUBE HOLDINGS LIMITED – ASX QUB, CANADA PENSION PLAN INVESTMENT BOARD, GLOBAL INFRASTRUCTURE PARTNERS

Brookfield eyes Macquarie deal in Asciano fight

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Original article by Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 13 & 18 : 4-Dec-15

Brookfield Infrastructure Partners is said to be considering several options to gain regulatory approval for its $A9bn bid for ports and rail group Asciano. Macquarie Group has declined to comment on speculation that it could invest in Asciano in partnership with Brookfield, which it has been advising on the takeover bid. Brookfield is also believed to be looking at a structural separation of Asciano, whereby it would control the ports business but hold a minority stake in the Pacific National rail division.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC NATIONAL PTY LTD, PATRICK CORPORATION LIMITED, QUBE HOLDINGS LIMITED – ASX QUB, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CITIGROUP PTY LTD, GLOBAL INFRASTRUCTURE MANAGEMENT LLC, CANADA PENSION PLAN INVESTMENT BOARD, DEUTSCHE BANK AG, DALRYMPLE BAY COAL TERMINAL PTY LTD

ACCC rejects Brookfield’s Asciano plan

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 13 & 18 : 27-Nov-15

Brookfield Infrastructure Partners will consider structural undertakings in order to gain regulatory approval for its takeover of Asciano, after the Australian Competition & Consumer Commission rejected its behavioural undertakings. Brookfield owns a 5,500km freight rail network in Western Australia and the Dalrymple Bay Coal Terminal in Queensland, which are both used by Asciano-owned rail freight group Pacific National. A consortium headed by Qube Holdings is also bidding for Asciano.

CORPORATES
ASCIANO LIMITED – ASX AIOBROOKFIELD INFRASTRUCTURE PARTNERS LPPACIFIC NATIONAL PTY LTDDALRYMPLE BAY COAL TERMINAL PTY LTDAUSTRALIAN COMPETITION AND CONSUMER COMMISSIONQUBE HOLDINGS LIMITED – ASX QUB

Asciano break-up ratings risk warning

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 23 : 12-Nov-15

Ports and rail group Asciano currently has a credit rating of "Baa2" with a negative outlook from Moody’s Investors Service. The ratings agency has indicated that Asciano’s credit rating could be downgraded if a proposed takeover and break-up of the group proceeds without a reduction in its debt. The Qube Holdings-led consortium is offering $A9.25 per share, and is hoping to trump the bid from Brookfield Infrastructure Partners.

CORPORATES
ASCIANO LIMITED – ASX AIO, MOODY’S INVESTORS SERVICE INCORPORATED, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, CANADA PENSION PLAN INVESTMENT BOARD, GLOBAL INFRASTRUCTURE PARTNERS, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION, WESTBOURNE CREDIT MANAGEMENT, McMILLAN SHAKESPEARE LIMITED – ASX MMS, LIFESTYLE COMMUNITIES LIMITED – ASX LIC, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED, MACQUARIE WEALTH MANAGEMENT, AURIZON HOLDINGS LIMITED – ASX AZJ

Asciano weighs up ‘doability’ of Qube bid

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Original article by Jenny Wiggins, Sarah Thompson, Anthony Macdonald, Patrick Hatch
The Australian Financial Review – Page: 17 & 22 : 11-Nov-15

Shares in port and rail group Asciano closed $A0.26 higher at $A8.99 in response to a takeover approach from a consortium led by Qube Holdings. The indicative cash and scrip bid values Asciano at $A9.25 per share, while the bid from Brookfield Infrastructure Partners is currently valued at $A9.22 per share. The Qube consortium also includes Global Infrastructure Partners and the Canada Pension Plan Investment Board. The consortium is seeking due diligence, and could make a formal offer by mid-December 2015.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, GLOBAL INFRASTRUCTURE PARTNERS, CANADA PENSION PLAN INVESTMENT BOARD, PATRICK CORPORATION LIMITED, PACIFIC NATIONAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

China to take over as most frequent visitors

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Original article by Jamie Freed
The Australian Financial Review – Page: 11 : 3-Nov-15

Tourism Research Australia forecasts a rise of 5.9 per cent in the number of foreign tourists to 7.5 million in 2015-16. The number of mainland Chinese visitors is likely to rise 15.5 per cent. By 2019-2020, the number of Chinese visitors is expected to reach 1.4 million, catapulting this category of the market to the top of tourism source countries.

CORPORATES
TOURISM RESEARCH AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE, TTF AUSTRALIA LIMITED TOURISM AND TRANSPORT FORUM, TOURISM ACCOMMODATION AUSTRALIA, TOURISM RESEARCH AUSTRALIA

Corrigan swoops on Asciano

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Original article by Jenny Wiggins, Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 1 & 12 : 30-Oct-15

Brookfield Infrastructure Partners’ $A8.9bn takeover bid for Asciano has received a setback after Qube Holdings lifted its stake in the target from around five per cent to 19.9 per cent on 29 October 2015. Qube paid $A8.80 per share, compared with Asciano’s closing price of $A7.56. Qube has declined to comment on its intentions regarding Asciano, but it opposes the Brookfield bid and is believed to be planning to break up Asciano and retain its ports division.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PATRICK CORPORATION LIMITED, PACIFIC NATIONAL PTY LTD, UBS HOLDINGS PTY LTD, AURIZON HOLDINGS LIMITED – ASX AZJ, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, RBC CAPITAL MARKETS, CREDIT SUISSE (AUSTRALIA) LIMITED