Australia’s antitrust watchdog on Thursday raised fresh concerns about a planned $6.5 billion takeover of rail and port giant Asciano, potentially forcing the Canadian-led buyout consortium to restructure the deal.
The Australian Competition and Consumer Commission had been due to give a final decision but instead warned the deal may give Asciano’s new owners too much control of the freight chain, and said it needed two more months to consult with industry players before it could make a ruling.
The buyout group – led by Canada’s Brookfield Asset Management and including companies from China, the Middle East and Australia – may have to appease the regulator by offering to sell some assets, Lonsec Stockbroking general manager equities and research Bill Keenan said.
“It’s going to need some more adjustment to get it through,” he said.
Brookfield agreed to modify its initial solitary bid for Asciano in January after the regulator expressed concern that it would have freight trains and tracks in Western Australia state.
Full Content: Reuters
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