Asciano

SPECIAL REPORT: Former Verve Energy CEO Shirley In’t Veld says when it comes to government-owned businesses, politics often wins out over commercial imperatives.

The Asciano-led Yilgarn Esperance Solution consortium has won the bid to design, build and operate a new multi-user iron ore facility at Esperance Port, understood to be worth about $200 million.

Two major events last week highlighted the private sector’s desire to deliver new port infrastructure, and it’s a trend the Barnett government could take even further.

One month after the state government named an Asciano-led consortium as preferred proponent for a major port expansion at Esperance, it has emerged that one of the key consortium members has withdrawn.

Rail operator Asciano will cut back about 500 jobs in order to reduce costs by $90 million.

Skilled Group has recruited senior Asciano executive Angus McKay as its new managing director.

Asciano subsidiary Patrick is looking to expand its operations at the port of Dampier, after announcing the purchase of a floating wharf that US company Apache Energy is close to completing.

Rail freight business Pacific National has awarded engineering firm Downer a $1 billion contract to provide maintenance services to 300 of the Asciano subsidiary’s train fleet.

Price and production uncertainty over a range of commodities is flowing through to port investments, with enthusiasm for development taking a back seat to pragmatism.

Sydney company ACFS Port Logistics has outlined development plans for an industrial site at Rous Head, after announcing a joint venture with Asciano subsidiary Patrick Port Logistics.

Fremantle Ports has defended plans to privatise its automotive terminal, after the competition watchdog warned that putting a monopoly service in the hands of a private company could lead to higher prices for car buyers.

The state government’s decision to sell Fremantle Ports is likely to halt two separate sale and tender processes currently under way, including privatisation of the port’s automotive trade.

Brookfield Asset Management is seeking to add ports and rail operator Asciano to its expansive Australian interests, which already include Brookfield Rail, construction giant Brookfield Multiplex, half of oil and gas producer Quadrant Energy, and multiple city office towers.

The ownership of railways and stevedoring operations across Australia has been thrown into further doubt after logistics group Qube Holdings revealed plans for a break-up of Asciano, after teaming up with two big international investors to acquire a 19.9 per cent stake in the takeover target.

Takeover target Asciano is hopeful Canada's Brookfield Infrastructure can still pull off its $8.9 billion bid, despite local logistics firm Qube moving to block the marriage.

Canada's Brookfield Infrastructure is determined to take over ports and rail operator Asciano despite Australian logistics firm Qube Holdings having a 19.99 per cent blocking stake in the target.

The competition watchdog has warned that the privatisation process for Fremantle Ports could deliver a high price to government but at the expense of port users.

The contest for Asciano looks set to heat up after a QUBE Holdings-led consortium sought to trump Brookfield Infrastructure with a $9.02 billion takeover proposal for the ports and rail operator.

Takeover target Asciano has agreed to open its books to logistics firm QUBE Holdings, setting the stage for a likely contest among its suitors.

Logistics company Qube Holdings is bracing for difficult trading conditions as it battles for control of takeover target Asciano.

Brookfield Infrastructure has suffered a blow in its contested takeover bid for port and rail provider Asciano, with the ACCC declining to accept a series of behavioural undertakings offered by the Canadian group.

An independent expert can't say yet which of the two takeover proposals for rail and ports operator Asciano is better.

The competition watchdog is seeking market feedback after a fresh undertaking by Canada's Brookfield Infrastructure in its takeover battle for ports and rail operator Asciano, which includes the divestment of its bulk rail operations in Western Australia.

A consortium led by logistics group QUBE Holdings has made a binding takeover proposal for rail and ports operator Asciano, hoping to trump a rival offer from a group led by Canadian predator Brookfield Infrastructure.

The long-running takeover battle for Australian ports and rail operator Asciano will continue after the competition watchdog delayed its decision on the rival bids.

The long-running takeover battle for Australian rail and ports operator Asciano is set to intensify after the consortium led by QUBE Holdings improved on its offer price.

Takeover target Asciano has recommended shareholders accept a $9.01 billion offer from a consortium led by QUBE Holdings after failing to attract a rival matching bid.

Rival bidders for rail and ports giant Asciano are considering making a joint, all-cash $9.05 billion bid in an effort to seal the long-running takeover battle.

Telstra has appointed the boss of rail and ports operator Asciano, John Mullen, as its new chairman as the mobile giant seeks new growth areas.

Takeover target Asciano has lifted its first-half profit on the back of strong coal haulage volumes but warns its earnings for the full-year could still be flat.

The Pacific National rail business and the Patrick container terminal business are set to come under new ownership after Asciano agreed to a $9.05 billion takeover deal that is designed to sidestep regulatory concerns.

Logistics firm QUBE Holdings has raised $250 million through a rights share placement to institutional investors as part of its fund raising related to the Asciano acquisition.

Former Skilled Group boss Angus McKay has been named chief executive of convenience store chain 7-Eleven, replacing Warren Wilmot who resigned from the role last September after revelations of franchise staff being underpaid.

The competition regulator has flagged a fresh review of the $9.05 billion takeover of rail and ports giant Asciano and is examining whether the new cross-ownership deal will lead to any common financial interest among the suitors.

Peter Cockcroft has resigned as a director of Kairiki Energy. Steven Wood has resigned as a joint company secretary of WHL Energy. 

A $9.05 billion foreign takeover of rail and ports giant Asciano will be delayed because of the federal election.

The competition watchdog has further delayed its decision on the $9 billion takeover of rail and ports giant Asciano, after receiving complaints that the deal would reduce competition in the container logistics business.

Rail and ports operator Asciano will sell its 50 per cent stake in the ACFS port logistics business to its joint venture partner in an effort to remove the overhang on its $9.05 billion takeover.

The competition watchdog has waved through a $9 billion takeover of rail and ports giant Asciano, and approved Metcash's bid for Woolworths' Home Timber and Hardware business.