Australian logistics and stevedoring firm Asciano, parent of Patrick Stevedoring, has confirmed it received a purchase offer of $6.8 billion from Brookfield.
The Australian logistics and stevedoring firm Asciano, confirmed Wednesday that it has received a bid to be acquired by Brookfield Infrastructure Group of Canada for $6.8 billion.
Asciano has four major businesses:
- Pacific National Coal, the second mover of coal by rail in Australia, moves export coal from mine to port and domestic coal from mine to power stations and steelworks.
- Pacific National Rail, which provides intermodal rail services and bulk haulage rail services for commodities other than coal. as well as hook and pull services for passenger trains.
- Terminals & Logistics. It is one of two major competitors in the Australian market providing container stevedoring services in the four largest container ports in Australia; East Swanson Dock in Melbourne, Port Botany in Sydney, Fisherman Islands in Brisbane and Fremantle in Western Australia. The division also provides an integrated logistics service. Subsidiaries include Patrick Corp.
- Bulk & Automotive Port Services, managing bulk ports, supporting infrastructure and logistics at over 40 sites across Australia and New Zealand. It also operates an integrated service for the transportation, processing and storage of motor vehicles.
Brookfield Infrastructure, based in Toronto said its proposal is non-binding and conditional. “Exclusive discussions with Asciano in furtherance of a potential transaction are ongoing. There can be no assurance that a transaction will be completed or of the final terms thereof,” the company added.
Brookfield has previously invested in other companies with port operations. It owns PD Ports, which has terminals in 11 locations in the U.K., and last year the company took a 49 percent interest in the U.S. West Coast operations of TraPac, which has terminals in Oakland and Los Angeles.
