Australian Regulator Approves Logistics Giant Takeover

Faizan Hashmi Published July 21, 2016 | 01:31 PM

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.

Facebook Twitter Reddit Pinterest Whatsapp

Prize Bonds

PSX 100 Index

Currency Rates

Gold Prices

Petrol Prices

Crypto

Recent Stories

Currency Rate In Pakistan - Dollar, Euro, Pound, R ..

Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 11 December 2024

Today Gold Rate in Pakistan 11 December 2024

Today Gold Rate in Pakistan 11 December 2024

UNICEF Pakistan Advisory Council launched to drive ..

UNICEF Pakistan Advisory Council launched to drive collective action for child r ..

EU to consider 'measures' over Georgia protest cra ..

EU to consider 'measures' over Georgia protest crackdown

Turkey braces for surge of Syrian refugees heading ..

Turkey braces for surge of Syrian refugees heading home

SSP holds meeting with all investigation officers, ..

SSP holds meeting with all investigation officers, duty officers, head muharars

All evidence available against PTI for creating un ..

All evidence available against PTI for creating unrest on May 9: Minister for De ..

Macron aims to pick new French PM 'within 48 hours ..

Macron aims to pick new French PM 'within 48 hours'

Workshop held to enhance police officers' skills, ..

Workshop held to enhance police officers' skills, improve communication

170 Pakistani pilgrims moved from Syria to Lebanon ..

170 Pakistani pilgrims moved from Syria to Lebanon as evacuation efforts intensi ..

District admin's efforts paid off as no dengue cas ..

District admin's efforts paid off as no dengue case reports in Islamabad

Around 350 Pakistani nationals including zaireen c ..

Around 350 Pakistani nationals including zaireen cross Syria-Lebanon border