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Asciano agrees joint consortium bid

March 15 - Australian logistics provider Asciano has entered into binding documentation to sell the company to Brookfield Consortium and Qube Consortium.

The Brookfield Consortium comprises Brookfield Infrastructure Partners, GIC, British Columbia Investment Management Corporation and Qatar Investment Authority; while the Qube Consortium includes Qube Holdings, Canada Pension Plan Investment Board, Global Infrastructure Management and CIC Capital Corporation.

A new vehicle - BidCo - owned by a variety of the investors will acquire 100 percent of the issued capital of Asciano at AUD9.15 (USD6.82) a share.

The transaction will see Asciano sold in separate business units, with Qube acquiring 50 percent of Patrick's container terminal business as part of a joint venture with Brookfield and its co-investors. Brookfield and its partners will buy the company's Bulk & Automotive Port Services (BAPS).

The decision wraps up a nine-month bidding war, which has seen previous rivals Qube and Brookfield join forces to secure the deal.

The joint consortium transaction is subject to a number of conditions, including Asciano shareholder approval and the receipt of regulatory approvals.

Heavy Lift | News

LEEA adds LiftEx events thumbnail image

LEEA adds LiftEx events

February 12 - The Lifting Equipment Engineers Association (LEEA) is expanding its LiftEx event portfolio to include a Middle East exhibition and a LiftEx Lite show in Egypt.
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AAL to launch new monthly service thumbnail image

AAL to launch new monthly service

February 10 - Multipurpose carrier AAL is launching a Europe - Middle East/India - Asia monthly liner service later this month.
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Bahri reports strong growth thumbnail image

Bahri reports strong growth

January 31 - Saudia Arabia-headquartered Bahri has reported a fourth-quarter profit of SAR249.08 million (USD66.4 million) for 2019, a 172.5 percent increase compared to the same period of 2018.
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Heavy Lift Across The World

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