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Port of Newcastle’s private equity owners face challenges on two fronts as the ACCC appeals a decision over access charging and a port customer files a lawsuit over misuse of market power.
Undertakings by ANZ Terminals to divest a facility in South Australia and to exclude a facility at Port Kembla from the deal alleviates competition concerns, the competition watchdog said.
Treasurer Josh Frydenberg confirmed his ‘final decision’ that the takeover would be ‘contrary to the national interest’.
Australia deciding to block a Chinese purchase of a national asset is not new – but its decision to block CK Infrastructure’s bid for APA Group feels different.
Treasurer Josh Frydenberg said the move should not be seen as an ‘adverse reflection’ on CK Group and that Australia still welcomes foreign investment that is not ‘contrary to our national interest’.
The deal would see CKI sell a number of APA’s assets in Western Australia but is still subject to Foreign Investment Review Board approval.
The Australian competition watchdog’s decision not to block Transurban’s offer cements the listed toll road operator’s position as the dominant player in the NSW market.
The consortium led by the toll-road operator – including Australian Super, CPPIB and Tawreed – beat competition from an IFM-led team, as Transurban gains control of 16 of the country’s 20 toll roads.
The ACCC gives the green light to a consortium led by the toll road operator acquiring a 51% stake in Sydney Motorway Corporation, but the listed firm will have to publish data from existing concessions to level the playing field.
To meet today's deadline, the Transurban-led team had to submit a conditional bid for WestConnex without knowing if it will receive clearance from the competition watchdog in September.
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