
Australian ports and rail operator Asciano said Wednesday it had received an Aus$8.8 billion (US$6.8 billion) takeover offer from Canada-based Brookfield Infrastructure Group and was considering the proposal.
Asciano said the cash and stock offer valued its shares at Aus$9.05. The stock surged more than 20 percent when a trading halt was lifted and ended 16.8 percent higher at Aus$7.77.
"The board of Asciano, together with its advisers, concluded that it was in the interests of its shareholders to engage further with Brookfield on an exclusive basis to progress the proposal," the company said in a statement.
"Discussions are at a very early stage and a number of significant steps need to be undertaken in order to progress to a formal proposal from Brookfield."
The proposal, subject to Brookfield's due diligence, would be by scheme of arrangement, meaning only 50 percent of shareholders must support the deal for it to go ahead.
It would also need the approval of the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
"If the proposal does not proceed, the board believes that Asciano has a very attractive independent future and that the company is well positioned to continue to deliver strong growth," Asciano added.
The bid came two months after shareholders of Australian logistics firm Toll Holdings voted in support of a Aus$6.49 billion (US$5 billion) takeover bid by Japan Post.
GMT 17:56 2018 Wednesday ,17 January
Ericsson to write down 1.4 billion euros in fourth quarterGMT 19:16 2018 Saturday ,13 January
China shuts Marriott website over Tibet error, scolds other firmsGMT 17:31 2018 Thursday ,11 January
UK group bids for Europe's biggest aluminium smelterGMT 17:24 2018 Thursday ,11 January
UK supermarket Sainsbury's lifts outlook after bumper ChristmasGMT 17:52 2018 Tuesday ,09 January
H&M removes 'black boy' ad after racism accusationGMT 19:38 2018 Wednesday ,03 January
Petrobras pay $2.95bn to settle US class action on corruptionGMT 13:49 2018 Wednesday ,03 January
China’s Ant Financial drops $1.2 billion MoneyGram deal as US approval failsGMT 17:47 2017 Sunday ,31 December
BA owner to buy bankrupt Austrian airline Niki
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor