Asciano goes into a trading halt over a $9 billion takeover

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Asciano has gone into a trading halt following speculation that the ports and rail group will recommend acceptance of a $9 billion takeover from Brookfield Infrastructure Partners.

“A trading halt is necessary as Asciano expects to make an announcement to the Australian Securities Exchange shortly in relation to recent media speculation,” the company said.

The Canadian company Brookfield has made an offer with an implied value of $9.05 per share in cash and shares.

Asciano last traded at $8.11.

Asciano, which owns Patrick container ports, posted an underlying profit for 2014 of $342.5 million.

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