Brookfield pounces on Asciano
Brookfield Infrastructure Group has moved to acquire ports operator Asciano in Australia. Asciano formally confirmed at the end of June it had received a non-binding bid to acquire 100% of its shares at a value of A$9.05 in cash and scrip (representing a fraction of a share).
An official statement said the board of Asciano “concluded it was in the interests of its shareholders to engage further with Brookfield on an exclusive basis to progress the proposal”. Asciano added that discussions were at a “very early stage” and a number of conditions needed to be satisfied, such as completion of due diligence, before any potential transaction could proceed.
Brookfield is an asset manager whose investment fund Brookfield Infrastructure Partners is dual listed on the New York and Toronto Stock Exchanges. It operates 30 ports worldwide and is manager and lessee of the Dalrymple Bay Coal Terminal in Queensland.
