Pacific National is storing grain wagons at Murtoa to have them cut up
Pacific National Launches New Mobile Application
PN Coal derailment Kankool
Pacific National's freight rail coal haulage down
First Inland Rail Tender Approved
Riding the grain train
Delivery of seven N-ViroMotive locomotives to Australian rail operator Pacific National
Downer EDI and Pacific National sign billion dollar rail deal
Asciano flags storm rail hit
Jobs will flow as timber brings life to rail terminal
The competition watchdog said it will not stand in the way of ports and transport operator Asciano being bought out by a global consortium, nor will it block Metcash's possible Home Timber & Hardware takeover.
Asciano's suitors include local stevedoring firm Qube, and Canadian infrastructure investor Brookfield Infrastructure Partners, which are offering a total of $9.1 billion, that has been accepted by Qube.
The Australian Competition and Consumer Commission's chairman Rod Sims said the regulator had conducted extensive inquiries into the deal, but decided give it the green light after the takeover bid was restructured to tackle competition concerns.
"A broad range of issues were raised across different aspects of the supply chain," he noted in a statement.
"After careful consideration, the ACCC has concluded there is not likely to be a substantial lessening of competition in any market."
The ACCC's investigation looked at the import-export supply chain for containerised freight through the ports of Botany, Brisbane, Fremantle and Melbourne.
It asked whether the integration of Asciano's Patrick container terminals with Qube's road and rail container transport services and empty container parks would discriminate against Qube's competitors and cause a potential loss of business for rival stevedores.
Mr Sims said the ACCC identified several restrictions on the ability of Patrick to discriminate in favour of Qube trains at Botany port.
"The combined strength of these constraints has led us to conclude that the acquisition would not cause an increase in prices or a reduction in the quality of regional rail container export services to Port Botany," he said.
The takeover still needs the approval of the Foreign Investment Review Board (FIRB).
Asciano shares jumped on news of the ACCC's approval and were up 0.8 per cent to $9.12 at 11:00am (AEST).
Qube shares rose nearly 3 per cent to $2.42.
This article first appeared on www.abc.net.au
About this website
Railpage version 3.10.0.0037
All logos and trademarks in this site are property of their respective owner. The comments are property of their posters, all the rest is © 2003-2019 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.