Asciano looks set to be bought out
Ascaino looks set to be taken over by the Brookfield Infrastructure Group, with the global asset manager looking to aquire 100% of the shares in the rail company.
In an email to employees today, CEO John Mullen confirmed the company has received the proposal – believed to be a $9billion takeover offer – and that the Board is now considering whether the offer is in the best interests of shareholders.
The CEO said that a number of significant steps still need to be undertaken in order to progress to a formal proposal from Brookfield, including:
– Completion of due diligence;
– Final approval of the investment committee of Brookfield Asset Management Inc. and the Board of Directors of Brookfield Infrastructure Partners LP; and
– Execution of satisfactory definitive documentation customary for a transaction of this nature.
What exactly this means with members at Asciano is unclear, and the Loco Division and the RTBU National Office will be watching the outcome of the process now commenced in an effort to ensure any changes will not negatively impact employees.
Stay tuned for updates on this.