Logistics, Ports & Terminals

Qube heralds ACCC “milestone” decision

ASX-listed logistics firm Qube Holdings has welcomed the Australian Competition and Consumer Commission’s decision not to block the Qube-led breakup and takeover of major port and rail business Asciano.

Qube managing director Maurice James responded to the ACCC’s announcement, labelling it “a major milestone”.

“The decision by the ACCC is clearly a major milestone in the process of acquiring these important businesses,” James said.

Once the dust is settled, Qube aims to own 50% of Asciano’s port terminals business, known as Patrick.

The other 50% of Patrick will be owned by a clutch of investment firms, including Brookfield Infrastructure, which will own 33.3% of the ports business.

James says the ACCC’s acceptance of the proposed deal came through cooperation and co-ordination between the bidding parties and the competition watchdog.

“Our consortium has worked closely with the ACCC to address all issues raised by the competition regulator over the past four months and we are pleased the Commission has concluded that there is not likely to be a substantial lessening of competition in any market as a result of this transaction,” he said.

Qube expects to own its share of Patrick by mid-August.

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