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Brookfield buys near 15 pct stake in Asciano - Australian Financial Review

Published 2015-11-05, 03:29 a/m
© Reuters. Brookfield buys near 15 pct stake in Asciano - Australian Financial Review
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SYDNEY, Nov 5 (Reuters) - Canada's Brookfield Asset
Management Inc BAMa.TO has purchased nearly 15 percent of
Australian ports and rail operator Asciano Ltd AIO.AX as part
of an agreed $6.5 billion takeover that has raised antitrust
regulators' eyebrows, The Australian Financial Review (AFR)
reported on Thursday.
The report comes just days after Asciano's domestic rival
Qube Holdings Ltd QUB.AX and partners said they had bought a
one-fifth stake in the target, and wanted to buy assets that may
be up for grabs as the deal unfolds.
The AFR reported Brookfield Infrastructure Partners, a
subsidiary of Brookfield Asset Management , has acquired 146
million shares, or a 14.99 per cent stake, in Asciano at A$8.80
apiece. Asciano shares closed on Thursday at A$8.28.
Brookfield intends to buy at least 50.1 per cent of Asciano,
the AFR reported.
The report come less than a month after the Australian
Competition and Consumer Commission (ACCC) raised antitrust
concerns over what would be the country's biggest inbound deal
in four years, saying competition could be threatened by
Brookfield already owning railways Asciano's trains run on.
A spokesman for Brookfield could not be reached for
immediate comment. Asciano officials did not respond to email
messages and voicemail left outside normal business hours.

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