Canada’s Brookfield Infrastructure went on market to pick up a larger stake in takeover target Asciano, the transport and logistics group
The company acquired 14.99% stake in Asciano, nabbing 146 million shares at $8.80 a share in the the after-market buying spree through Citi and Macquarie Capital according to Australian Financial Review.
Qube last week grabbed a 19.9% blocking stake in Asciano at a cost of about $1.7 billion to stop Brookfield.
Brookfield is offering $9.05 per share in cash and shares in its takeover offer in a deal valued at $8.9 billion.
The latest on market buy is below the takeover offer price, but well above the $6.65 Asciano was trading at before the bidding started.
Chris Corrigan’s Qube is after what it calls Asciano’s first class Australian assets, Patrick Containers Terminals, and some other aspects of the logistics company.
Corrigan, chair of Qube and the former managing director of the Patrick Corporation until Toll Holdings launched a hostile takeover in 2006, enlisted Global Infrastructure Partners and Canada Pension Plan Investment Board to build the blocking stake.
In 1998, Corrigan controversially transformed Australia’s waterfront by sacking his entire workforce and using lockouts and strike breakers to smash the Maritime Union of Australia’s stranglehold on labour supply. He was backed by John Howard’s federal government, and the dispute went all the way to the High Court.
Asciano shares closed at $8.28, up 0.49%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.