UPDATE 1-Australia's Qube challenges Brookfield with $6.35 bln Asciano bid

(Adds details about the proposal, context)
Nov 10 (Reuters) - Australian port and rail firm Asciano Ltd
AIO.AX said on Tuesday it had received a takeover proposal
from a consortium led by Qube Holdings QUB.AX , challenging a
rival offer from Canada's Brookfield Asset Management BAMa.TO .
The cash and scrip offer from Qube, along with partners
Global Infrastructure Partners and Canada Pension Plan
Investment Board, implied a value of A$9.25 per Asciano share, a
5.9 percent premium to Monday's close, and valuing the target at
A$9.02 billion ($6.35 billion).
Asciano said its board was considering the proposal. It also
said it would continue to unanimously recommend Brookfield's
A$9.22 a share cash-and-scrip bid formally announced on Monday
"in the absence of any superior proposal capable of acceptance."
Qube already owns one-fifth of Asciano shares after late
night raid last month and has vowed to oppose the Brookfield
takeover. Brookfield responded by buying its own near 20 percent
stake last week.
The takeover battle underscores the attraction of Australian
companies in a year in which the local currency AUD= has
skidded 13 percent and shares .AXJO have fallen 4 percent,
cutting valuations of firms seen as well regulated and having
growth potential.
Asciano, which has rail in every Australian state and
stevedoring in 40 locations, has been seen as especially
vulnerable because its earnings have been hit by a resources
slowdown, while it is expected to benefit from restructuring
aimed at automating ports and cutting costs.
Under Qube's offer, Asciano shareholders will receive a
combination of cash and Qube shares, helping them retain an
exposure to Asciano's container terminal businesses and
participate in the growth opportunities of Qube.
The Australian Competition and Consumer Commission (ACCC)
has also suggested it might stop Brookfield buying Asciano since
the Canadian suitor already owns some of the railways Asciano's
trains run on. It is due to make a final ruling on Dec. 17.
($1 = 1.4196 Australian dollars)