Asciano Limited

Last updated

Asciano Limited
Type Public
ASX:  AIO
Industry Transport, Logistics, Stevedoring and Rail transport
Founded2007
Defunct16 August 2016
FateSplit into separate companies as of 2016
SuccessorPacific National
Patrick Container Terminals
Bulk & Automotive Port Services
Headquarters476 St Kilda Road, Melbourne Australia
Area served
Australia
Key people
Malcolm Broomhead (Chairman)
John Mullen (CEO)
Subsidiaries Pacific National
Patrick Corporation
Website www.asciano.com.au

Asciano Limited was an Australian freight logistics company, operating in railway freight and shipping. Asciano was demerged from Toll Holdings in 2007, and owned Patrick Corporation and Pacific National as subsidiary companies. Asciano specialised in bulk and container shipping and transportation, with port and train operations across Australia. It had over 8,000 employees. It was an ASX 50 company. [1]

In June 2015, Brookfield Infrastructure Partners launched a takeover offer for the company, and Qube Holdings later made a counter offer. The offers had attracted the attention of the Australian Competition & Consumer Commission, with both already owning transport and port operations in Australia. [2] [3]

On 3 June 2016, shareholders of Asciano voted in favour of the takeover bid with the Foreign Investment Review Board announcing that it had no objections for the offer on 27 July 2016. The scheme implementation date was set on Friday 19 August 2016 where payment of the Scheme consideration took place and the transaction was to be completed. After this date the assets of Asciano were to be divided as below. [4] [5]

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References

  1. ↑ ASX Top 50 Australian Securities Exchange
  2. ↑ Asciano takeover battle drags on SBS World News 5 February 2016
  3. ↑ Asciano board backs Qube consortium's enlarged takeover bid Sydney Morning Herald 9 February 2016
  4. ↑ http://asciano.com.au/investors/announcements/1240/download%5B%5D
  5. ↑ http://asciano.com.au/investors/announcements/1238/download%5B%5D
  6. ↑ "Pacific National sold to international pension funds". International Railway Journal. 15 March 2016.
  7. ↑ "Asciano completes Pacific National ownership deal". International Railway Journal. 23 August 2016.
  8. ↑ "Asciano $9b buyout clears final hurdle with court approval". The Sydney Morning Herald. 28 July 2016.
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