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Macquarie has offered to split its rail freight and coal transport business One Rail Australia in a bid to overcome negative investor sentiment towards the fossil fuel and record a $2 billion-plus payday.
Macquarie’s infrastructure investment arm, MIRA, and its bankers have proposed splitting One Rail Australia into separate coal and non coal businesses, in early discussions with potential buyers.
One Rail Australia's business includes carrying coal in the Hunter Valley region of NSW for miner Glencore. Dean Osland
One Rail’s coal business would shift coal for major miner Glencore in NSW’s Hunter Valley and Queensland and be a $130 million a year business at the EBITDA line.
The non-coal business would own and operate the bulk of Australia’s rail freight line between Adelaide and Darwin, and make about $105 million a year shifting goods north and south for the likes of Toll, Linfox and Woolworths.
The non-coal business would be expected to attract widespread interest from rival transport and logistics companies, such as ASX-listed Qube Holdings and Pacific National, as well as infrastructure funds.
This article first appeared on www.afr.com
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