News & Analysis

New twist in Asciano saga

New York-based Global Infrastructure Partners (GIP) has reportedly pulled out of a joint bid with TPG Capital for Australian rail and ports operator Asciano, which rejected an A$2.7bn takeover bid from the two firms last year. GIP may now proceed with a bid of its own.

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Global Infrastructure Partners (GIP), the New York based fund, has pulled out of a joint bid with TPG Capital to acquire the heavily indebted Australian railroad and ports operator, Asciano.

Asciano: the saga
continues

GIP might now proceed with a bid of its own, according to a report in Australia’s Financial Review, which added the partners had not been able to agree on a price.

The development is the latest twist in an ongoing saga that began early last year when Asciano rejected a A$2.7 billion bid from GIP and TPG.

The report said Asciano continues to attract interest from infrastructure funds managed by Washington DC-based The Carlyle Group, Kaplan Funds and Morgan Stanley.

Having previously turned down a takeover bid from GIP and TPG, the Australian port and railroad operator is considering a number of proposals that could lead to asset sales or a change of control.