Asciano $6.8 billion buyout clears final hurdle with Australian court approval

28 Jul, 2016 8:16 am

SYDNEY – A A$9.1 billion ($6.8 billion) buyout of Australian port and rail freight giant Asciano Ltd by global investors was approved by a court on Thursday, clearing the final hurdle for the country’s biggest foreign takeover in five years.

Announcing the Supreme Court of New South Wales state had cleared the deal, Asciano said on Thursday its shares will stop trading on July 29. Stockholders will receive payments on Aug. 19.

After rival bids and regulatory concerns held up a deal originally scheduled for completion by the end of 2015, the buyout was cleared by Australia’s antitrust regulator and the country’s Foreign Investments Review Board this month.

The takeover involves selling Asciano’s port assets in a split between Canada’s Brookfield Asset Management Inc (BAMa.TO) and Australian stevedoring company Qube Holdings Ltd (QUB.AX), while a consortium involving government-owned China Investment Corp [CIC.UL] will take its rail assets. -Reuters

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