Toll, Asciano go on the prowl

Asciano has recommended a revised offer for its port and rail assets, which will be split up and sold to consortia involving Qube and seven infrastructure investors and pension funds

After failing to receive a matching offer to Qube’s proposal, Asciano advises shareholders to reject Brookfield’s offer

Asciano has deemed a revised offer from Qube to be superior to Brookfield’s earlier proposal, triggering a bidding war for the Australian port and rail operator

Qube Holdings has formally made an offer for Asciano, pitching itself as the “natural owner” for the Patrick Stevedoring business in the process

Australia’s Competition and Consumer Commission (ACCC) has rejected Brookfield’s plan for preserving competition on key part’s of Australia’s rail network if it is successful in acquiring Asciano.

With both now holding approximately 20% of Asciano shares, a battle is underway for control of he company