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Aurizon welcomes today’s decision by the Federal Court of Australia that rejects allegations by the Australian Competition and Consumer Commission (ACCC) that transactions entered into by Aurizon and Pacific National (PN) for the proposed sale of the Acacia Ridge Intermodal Terminal (ART) contravened the Commonwealth’s Competition and Consumer Act (2010).
The ACCC initiated the proceedings in the Federal Court in August 2018 when it blocked the transactions and sought penalties and orders from the court that the parties not proceed with the transactions.
Today’s decision by the Federal Court allows Aurizon to progress the $205 million sale of the terminal to PN, pending receipt of regulatory approval by the Foreign Investment Review Board.
The ART sale will complete Aurizon’s three-stage exit from its loss-making Intermodal business through a combination of closure and sale.
• Closure of the Interstate intermodal business (outside of Queensland) in December 2017;
• Sale of the Queensland Intermodal business to Linfox which was completed on 31 January 2019 ($7.3 million received by Aurizon); and
• Sale of ART to PN ($205 million including a non-refundable payment of $35 million already received by Aurizon. The balance of $170 million will be payable to Aurizon on transaction completion).
This article first appeared on www.aurizon.com.au
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