Logistics, Ports & Terminals

Asciano comes off ASX after takeover clears hurdles

Asciano chief executive John Mullen. Photo: Greg Dickins

Logistics giant Asciano has been removed from trading on the ASX after a proposed break-up and takeover deal was approved by shareholders, the ACCC, the courts and the Foreign Investment Review Board.

Asciano was suspended from quotation at the close of trading on July 29.

The port and rail firm is to be split into three main components: the Patrick port terminals business, the Pacific National rail business, and the Bulk & Automotive Port Services business.

Qube, which spearheaded the successful bid, will take a 50% ownership of the ports business, along with investment firms Brookfield (33.5%), GIC (5.5%), bcIMC (5.5%) and QIA (5.5%).

Pacific National will end up in the hands of financial firms GIP (27%), CPPIB (33%), CIC Capital (16%), GIC (12%) and bcIMC (12%).

The Bulk & Automotive Port Services business will end up being majorly owned by Brookfield (67%), along with smaller investors GIC (11%), bcIMC (11%) and QIA (11%).

The final transaction is set to take place on August 19.

It was approved by shareholders at a meeting on June 3.

After earlier forms of the takeover were challenged by the Australian Competition and Consumer Commission, the ACCC approved the takeover’s final form late last month.

Shortly after the ACCC approval came rubber stamps from the NSW Supreme Court, the Foreign Investment Review Board and the ASX itself.

The company closed at $9.13 a share.

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