Qube edges out Brookfield in race to acquire Asciano

Australian rail and port operator Asciano has accepted an AU$9bn (US$6.4bn) bid from logistics company Qube after the former frontrunner Brookfield Infrastructure failed to match the offer within a five day period.

The Asciano board has recommended that its shareholders accept Qube’s offer although Brookfield, together with Qatar’s sovereign wealth fund, is still planning to make a higher bid according to Reuters.

Qube’s bid of AU$9.025 per share, made as part of a consortium including Global Infrastructure Partners (GIP), Canada Pension Plan Investment Board (CPPIB) and CIC Capital Corporation (CIC Capital), is for 100% of Asciano’s capital.