Australian Regulator Approves Logistics Giant Takeover

SYDNEY,(UrduPoint / Pakistan Point News - 21st july,2016) - The break-up of Australian logistics giant Asciano between local and international suitors cleared a key hurdle Thursday after the nation's corporate regulator approved their Aus$9.05 billion (US$6.78 billion) bid.

The takeover announced in March will see the rail, freight and ports operator's assets split between Canada's Brookfield Infrastructure Group, Australia's Qube and other consortium members, including a Chinese sovereign wealth fund. The consortiums now need a sign-off from Australia's foreign investment advisory body after the decision by the Australian Competition and Consumer Commission. "After careful consideration, the ACCC has concluded there is not likely to be a substantial lessening of competition in any market," ACCC chairman Rod Sims said in a statement.