Asciano Limited

Asciano Limited was an Australian freight logistics company, operating in railway freight and shipping. Asciano was demerged from Toll Holdings in 2007, and owned Patrick Corporation and Pacific National as subsidiary companies. Asciano specialised in bulk and container shipping and transportation, with port and train operations across Australia. It had over 8,000 employees. It was an ASX 50 company.[1]

Asciano Limited
TypePublic
ASX: AIO
IndustryTransport, Logistics, Stevedoring and Rail transport
FateSplit into separate companies as of 2016.
SuccessorPacific National,

Patrick Container Terminals,

Bulk & Automotive Port Services
Founded2007
Defunct16 August 2016
Headquarters476 St Kilda Road, Melbourne Australia
Area served
Australia
Key people
Malcolm Broomhead, Chairman
John Mullen, CEO
Roger Burrows, CFO
SubsidiariesPacific National
Patrick Corporation
Websitewww.asciano.com.au

In June 2015, Brookfield Infrastructure Partners launched a takeover offer for the company, and Qube Holdings later made a counter offer. The offers had attracted the attention of the Australian Competition and Consumer Commission, with both already owning transport and port operations in Australia.[2][3]

On 3 June 2016, shareholders of Asciano voted in favour of the takeover bid with the Foreign Investment Review Board announcing that it had no objections for the offer on 27 July 2016. The scheme implementation date was set on Friday 19 August 2016 where payment of the Scheme consideration took place and the transaction was to be completed. After this date the assets of Asciano were to be divided as below. [4][5]

  • Asciano, including the Pacific National business became owned by Australian Logistics Acquisition Investments Pty Limited, a consortium of Global Infrastructure Partners, CPP Investment Board, China Investment Corporation, GIC Private Limited and British Columbia Investment Management Corporation.[6] The transfer was completed on 19 August 2016.[7]
  • The Patrick Container Terminals business became owned by the Ports HoldCo joint venture which is controlled by Brookfield Infrastructure Partners, GIC Private Limited, British Columbia Investment Management Corporation, Qatar Investment Authority, and Qube Holdings.
  • The Patrick Bulk and Automotive Port Services business became owned by Brookfield Infrastructure Partners, GIC Private Limited, British Columbia Investment Management Corporation, and Qatar Investment Authority, changing its name to Linx Cargo Care Group.[8]

References
  1. ASX Top 50 Australian Securities Exchange
  2. Asciano takeover battle drags on SBS News 5 February 2016
  3. Asciano board backs Qube consortium's enlarged takeover bid Sydney Morning Herald 9 February 2016
  4. http://asciano.com.au/investors/announcements/1240/download%5B%5D
  5. http://asciano.com.au/investors/announcements/1238/download%5B%5D
  6. "Pacific National sold to international pension funds". International Railway Journal. 15 March 2016.
  7. "Asciano completes Pacific National ownership deal". International Railway Journal. 23 August 2016.
  8. "Asciano $9b buyout clears final hurdle with court approval". The Sydney Morning Herald. 28 July 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.