1 Min Read
SYDNEY (Reuters) - Australian ports and rail giant Asciano Ltd AIO.AX formally dumped an A$8.9 billion ($6.4 billion) buyout from Canada's Brookfield Asset Management Inc (BAMa.TO) after it failed to match a higher offer from local rival Qube Holdings Ltd (QUB.AX).
In a statement on Tuesday, Asciano said that after giving the Canadian infrastructure investor five days to match a A$9 billion rival approach from locally listed Qube, Brookfield did not front up with a better offer.
"The Brookfield bid will now be terminated," the statement said, adding that Asciano has now signed binding sale documents with Qube.
Reporting by Byron Kaye; Editing by Leslie Adler