Australia’s competition regulator, the Australian Competition and Consumer Commission (ACCC), raised fresh concerns on the proposed 6.56 billion U.S. dollars takeover of infrastructure giant Asciano Ltd by a consortium of local and foreign investors.
The ACCC began the review at the end of March after Asciano signed off on the joint bid, and had been scheduled to deliver its final ruling this month. The regulator extended its final approval decision until 21 July.
ACCC said the takeover by Australian giant Qube and Canada’s Brookfield Asset Management Inc. may give the local preferential access to service contracts and “lessen the competition in stevedoring”.
Asciano’s Patrick ports business “may provide preferential access to Qube and (half-owned) ACFS (Australian Container Freight Services Pty Ltd) vehicles, and Qube regional export trains running into Port Botany, and raise rivals’ costs,” ACCC chairman Rod Simms said.
Under the deal between Qube and Brookfield Asset Management, Qube will take a 50 percent stake in the operation, with the remainder shared between Brookfield and its consortium partners including the Qatar Investment Authority.
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