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Australia's Asciano bins $6.4 bln Brookfield bid it had endorsed
February 15, 2016 / 11:08 PM / 2 years ago

Australia's Asciano bins $6.4 bln Brookfield bid it had endorsed

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

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