Asciano is valued at $12 billion under an improved takeover bid from Brookfield Infrastructure

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Canada’s Brookfield Infrastructure has won board approval from the Asciano board to acquire the ports and rail group with an improved offer valuing the Australian company at $A12 billion.

The sweetened offer for the logistics company will see Asciano shareholders get $9.152 per share, made up of $6.94 in cash and the rest in shares, up from the $9.05 previously offered.

The deal, recommended by the Asciano board, represents a premium of 39% of the 30-trading day volume weighted average prices of Asciano shares.

“This transaction enables us to acquire premier transport infrastructure assets in a geography we know well and establish two leading global platforms, with solid long-term prospects,” said Sam Pollock, CEO of Brookfield Infrastructure.

Asciano assets include rail freight provider Pacific National and Patrick, a bulk ports and stevedoring business.

The combination of Brookfield Infrastructure and Asciano will create a leading global rail, port and logistics business.

Asciano went into a trading halt yesterday.

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