SYDNEY, June 3 (Reuters) - Shareholders of Australian ports
and rail freight giant Asciano Ltd AIO.AX voted for a A$9.1
billion ($6.6 billion) buyout by a global consortium led by
Canada's Brookfield Asset Management Inc BAMa.TO , leaving the
company's future in the hands of regulators.
The vote was widely expected to succeed since Brookfield and
its co-bidders own about half of Asciano's shares and the target
endorsed the offer, but the unanimous result has formally left
it to Australia's foreign investment and antitrust watchdogs to
decide on the deal.
The Australian Competition and Consumer Commission last week
said it was concerned the takeover would give Brookfield's
Australian bid partner, Stevedoring Company Qube Holdings Ltd
QUB.AX , too much control over the trucking market.
The Foreign Investment Review Board (FIRB) has paused its
deliberations until after a July 2 general election.
In another speedbump, trucking company Australian Container
Freight Services Pty Ltd, which is half-owned by Asciano, has
started court proceedings seeking a formal assurance regarding
its future once the deal goes through.
Asciano is fighting the action, which is unresolved.
The deal would also require court approval.
In a speech before the vote in Sydney, Asciano Chairman
Malcolm Broomhead said he now expects the deal to be finalised
on Aug. 19 to allow time for the regulatory and legal hurdles to
be cleared.
When Asciano first announced Brookfield planned to buy the
company in mid-2015, it had said it expected the deal to be
completed by the end of the year.
Asciano shares were down 0.1 percent at A$8.86, while the
broader market was up, reflecting uncertainty about whether the
deal would go ahead.
($1 = 1.3833 Australian dollars)