Qube and Brookfield join forces in Asciano takeover bid

Asciano has announced that rival takeover bidders Brookfield and Qube have joined forces in a new joint bid for the company.

Asciano_Limited_logo.svg-1--1-.jpgUnder the proposed structure of the joint bid, Pacific National would be separated from the rest of Asciano put under the ownership of a consortium involving Global Infrastructure Partners (GIP), Canada Pension Plan Investment Board (CPPIB), and CIC Capital Corporation.

At this stage it is unclear what the proposed new ownership would mean for Pacific National employees.

RTBU National Secretary Bob Nanva, however, has been critical of earlier proposals to separate PN from the rest of Asciano.

“The industry needs a strong Pacific National to compete effectively with Aurizon on interstate freight.

“Breaking Asciano up into its constituent parts will do nothing to help Pacific National or to deliver a more competitive rail freight industry.”