New twist in Asciano saga(2)

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

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.