RAILROADS – FREIGHT – AUSTRALIA

ACCC lashes Aurizon, Pacific National deal

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 & 25 : 20-Jul-18

The Australian Competition & Consumer Commission has launched legal action against Aurizon Holdings and Pacific National in the Federal Court. The ACCC is seeking to block the sale of Aurizon’s Queensland intermodal business and its Acacia Ridge terminal to Pacific National, its main business rival. The total cost of the two deals is $225 million, with Pacific National giving Aurizon a $35 million non-refundable deposit. ACCC chairman Rod Sims has compared the sale to Coles being sold to Woolworths.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AURIZON HOLDINGS LIMITED – ASX AZJ, PACIFIC NATIONAL PTY LTD, FEDERAL COURT OF AUSTRALIA, COLES SUPERMARKETS AUSTRALIA PTY LTD, WOOLWORTHS GROUP LIMITED – ASX WOW, WESFARMERS LIMITED – ASX WES, QUBE HOLDINGS LIMITED – ASX QUB, QUEENSLAND. COMPETITION AUTHORITY, QUEENSLAND RESOURCES COUNCIL LIMITED, MOODY’S INVESTORS SERVICE INCORPORATED, STANDARD AND POOR’S (AUSTRALIA) PTY LTD

Asciano to delist after FIRB clears $9b takeover

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 21 : 28-Jul-16

The $A9.05 billion takeover of Asciano by a Qube Holdings-led consortium is expected to be approved by the Supreme Court of New South Wales on 28 July 2016. It has already received approval from the Australian Competition & Consumer Commission and the Foreign Investment Review Board. The deal involves Qube and Brookfield Infrastructure Partners taking over Asciano’s Patrick container ports, while five international pension funds will assume the ownership of the Pacific National rail freight business.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN CONTAINER FREIGHT SERVICES PTY LTD, DP WORLD AUSTRALIA PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, MONADELPHOUS GROUP LIMITED – ASX MND, MUHIBBAH ENGINEERING BHD, PACIFIC NATIONAL PTY LTD, PATRICK CORPORATION LIMITED

ACCC’s concerns delay Asciano deal

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Original article by Perry Williams
The Australian Financial Review – Page: 22 : 27-May-16

The Australian Competition & Consumer Commission will not make a final ruling on the $A9bn takeover of ports and rail group Asciano until 21 July 2016. The ACCC’s statement of issues raises a number of concerns regarding the proposed deal, including the impact on competition if the sale of Asciano’s stake in the ACFS Port Logistics joint venture proceeds. The ACCC will accept submissions on its statement of issues until 10 June.

CORPORATES
ASCIANO LIMITED – ASX AIO, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ACFS PORT LOGISTICS PTY LTD, BROOKFIELD INFRASTRUCTURE PARTNERS LP, GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD, QATAR INVESTCO, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION, QUBE HOLDINGS LIMITED – ASX QUB, PATRICK CORPORATION LIMITED, SUPREME COURT OF NEW SOUTH WALES, PACIFIC NATIONAL PTY LTD, CANADA PENSION PLAN INVESTMENT BOARD, CIC CAPITAL CORPORATION, DBCT HOLDINGS PTY LTD

Corrigan’s full circle as Qube takes ports

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Original article by Andrew White, Gretchen Friemann
The Australian – Page: 19 &20 : 16-Mar-16

Ports and rail group Asciano has recommended that shareholders accept a takeover bid led by Qube Holdings and Brookfield Infrastructure Partners. The $A9.05bn deal will result in Asciano being broken up, with Qube and Brookfield set to pay $A2.92bn for the Patrick container terminals business. A consortium of international investment funds will buy the bulk of Asciano’s assets, including the Pacific National rail freight business. Qube chairman Chris Corrigan was CEO of Patrick Corporation when it was acquired by Toll Holdings in 2006.

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

Qube and Brookfield put aside rivalry in joint bid for Asciano

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 13 & 18 : 24-Feb-16

Shares in ports and rail group Asciano closed $A0.14 higher at $A9.01 on 23 February 2016, after its two suitors joined forces to propose a combined offer of $A9.28 per share. Qube Holdings and Brookfield Infrastructure Partners have been engaged in a long-running takeover play for Asciano, but their new proposal would result in them each holding a 50 per cent stake in the Patrick ports division. Their consortium partners would in turn acquire the Pacific National rail arm.

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

Asciano recommends Qube bid and invokes break fee

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 15 : 17-Feb-16

Directors of listed ports and rail group Asciano have backed the $9.05bn takeover offer from a consortium headed by Qube Holdings. Asciano will pay a break fee of $A88m to rival bidder Brookfield Infrastructure Partners, whose takeover offer had previously been endorsed by the target’s board. Qube subsequently trumped Brookfield’s offer, and the Canadian suitor failed to match its bid by the deadline of 15 February 2016. However, Brookfield could still make a revised offer.

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, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, PSP INVESTMENTS PTY LTD, QATAR INVESTMENT AUTHORITY, BRITISH COLUMBIA INVESTMENT MANAGEMENT CORPORATION, GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD, PATRICK CORPORATION LIMITED, PACIFIC NATIONAL PTY LTD

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

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