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23

Peace Breaking Out in Asciano Battle Leaves Creditors in Limbo

By Tony Seruga

Brookfield and Qube are considering a joint takeover proposal
Not yet clear what will happen with Asciano’s debt: Perpetual

The two rival bidders for Australian port and rail operator Asciano Ltd. are weighing a potential joint approach that would give everyone a bit of what they want, except perhaps bondholders.

While groups led by Brookfield Asset Management Inc. and Qube Holdings Ltd. are looking at a combined bid that would divide up Asciano’s assets, the details regarding the firm’s debt remain unclear. Creditors risk ending up exposed to a less diversified company with leverage that’s as yet unknown, according to BT Investment Management Ltd. Credit rating assessors have also previously flagged their concerns about the outlook for Asciano amid the months-long takeover battle…

Peace Breaking Out in Asciano Battle Leaves Creditors in Limbo

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