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CANBERRA -(Dow Jones)- Federal government-owned Australian Rail Track Corp. will join 13 mining companies and take up an equity interest in Queensland Coal Industry Rail Group, the corporation said Thursday.
Rail Track Corp. will become a party to a subscription agreement with the other members of the consortium, it announced in a brief statement. A spokesman said further information isn't available at this point.
In May, Queensland Coal Industry Rail Group, which includes BHP Billiton Ltd. (BHP) and Rio Tinto Ltd. (RTP), unveiled a A$4.85 billion bid for the Queensland Rail coal network in an attempt to prevent it being sold on the stock market as part of a broader privatization.
Queensland Rail chief executive Lance Hockridge was subsequently reported as having rejected the bid.
He has since said offer documents for the float of the Queensland government-owned rail operator are likely to be released in August or September.
Australian Rail Track Corp. has responsibility for the management of over 10,000 kilometers of track in South Australia, Victoria, Western Australia and New South Wales, and also manages the Hunter Valley Coal Rail network in New South Wales and other regional rail links.
-by Ray Brindal, Dow Jones Newswires; 612 62080902; email@example.com
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