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 Australian Competition and Consumer Commission has kicked off its investigation into Pacific National's bid for Glencore's Hunter Valley coal haulage business.
The competition regulator launched its review on Monday, seeking industry submissions by August 26. The ACCC said it would seek to rule on the proposed takeover on October 6.
The review comes as Asciano's Pacific National, which is due to be acquired by a consortium of financial investors later this month after a prolonged takeover, seeks to acquire Glencore Rail.
Pacific National already has an estimated 50 per cent share of the Hunter Valley coal haulage market, while the Genesee & Wyoming operated Glencore Rail has about 25 per cent. [Aurizon has the remaining 25 per cent.]
Pacific National, Genesee & Wyoming and Aurizon are lining up to buy the business from Glencore.
The Swiss giant's "GRail" coal haulage business was built back in 2010, and it was designed to carry up to 40 million tonnes of coal from Glencore mines to ships at the Port of Newcastle. The miner is expected to guarantee volumes to the network's new buyer, for at least the next 15-years.
GRail would be a logical first bolt-on acquisition for Pacific National's incoming owners which include Global Infrastructure Partners, the Canada Pension Plan Investment Board (CPPIB), China's CIC Capital Corporation, Singapore sovereign wealth fund GIC and the British Columbia Investment Management Corporation.
This article first appeared on www.afr.com
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 © 2003-2021 Interactive Omnimedia Pty Ltd.
You can syndicate our news using one of the RSS feeds.