Australian ports and rail operator Asciano recommended shareholders to accept a takeover bid by the consortium Qube Holdings. Qube includes China’s CIC Capital Corporation, the Canada Pension Plan Investment Board and investment group Global Infrastructure Partners. The bid is valued at US$6.3 billion.
Brookfield Infrastructure Partners, which has been interested in obtaining Asciano since July, had until Monday to match or beat Qube’s offer, but failed to do so.
“The Asciano board has determined that the Qube consortium proposal is superior to the proposal from Brookfield. The board unanimously recommends the Qube consortium proposal to shareholders,” the company said in a market announcement.
Asciano handles nearly half of all container traffic entering or leaving Australia.
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