stage set for bidding war for asciano
The logistics company Qube Holdings has officially invested $9.
The offer for port and rail operators is £ 2 billion, slightly lower than the previous $8.
Brookfield, the Canadian infrastructure giant, offered 9 billion.
Asciano\'s board of directors is expected to decide this week to open books to rival suitors.
Qube had a stake in Asciano 20 after a raid on October and offered $9.
The company offers £ 25 per share, cash and scribbles.
This is an improvement for the current $9.
Shares in Brookfield bid.
Malcolm Broomhead, chairman of Asciano, said the board was considering a new offer, but also continued to support Brookfield\'s offer.
\"At this point, the board is considering whether to give Qube due diligence.
We hope to make this decision in a day or two, \"he told reporters after the company\'s annual general meeting on Tuesday.
Prior to that meeting, Qube sought access to Asciano\'s books and said it could complete due diligence in the medium term
In December, a binding proposal was proposed as soon as possible.
Qube said that its proposal will allow Asciano shareholders to enjoy the benefits of combining Asciano\'s container terminal business with their own port logistics business while avoiding new-York-
The global operations of Brookfield are listed.
\"The proposal is of higher value than the offer announced by Brookfield, especially given the red light issue announced by the Australian Competition and Consumer Council,\" the company said . \".
Qube, chaired by former Patrick business boss Chris Corrigan, has partnered with Canada\'s pension scheme Investment Board fund and global investment partners for infrastructure investors to participate in Asciano\'s bid.
The consortium plans to carve up the Asciano business, bypassing regulatory barriers, and Qube buys the Patrick container terminal business of Asciano and its loading and unloading business.
Pacific and CPPIB will take over the country\'s largest private rail freight operations, the Pacific National Railway Corporation.
Qube threatened to vote against Brookfield\'s proposal at this week\'s general meeting, but the meeting was postponed.
The consortium abstained at the annual general meeting.
Brookfield, who first proposed the acquisition of Asciano in June, was forced this week to raise its stake in the company to 19 shares.
To avoid competitors.
It now wants to establish majority control in Asciano by going directly to shareholders rather than by arranging plans to seek full ownership.
However, the plan faces obstacles from competition regulators.
ACCC said the massive acquisition could lead to railway transport in Western Australia and Queensland dominated by Brookfield and sought a decision to approve the deal by December.
Meanwhile, Asciano chief executive John Mullen told shareholders that the company expects a tough market environment to continue, with little chance of annual revenue growth.
However, the company has been restructuring and cutting costs to cope with the impact of a slowdown in resources and is expected to achieve its guidance on flat levelsto-
Low single-digit revenue growth.
Shares of Asciano rose 22 cents to A $1450, or $8, after news of the rival\'s bid. 95.
Qube shares fell 8. 5 cents at $2. 175.