Asciano confirms Patrick sale talks

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Australia’s largest container port operator, Patrick, appears to be up for sale, with China Merchants group said to have lodged a A$1.1bn bid to buy a majority stake in the company. Such a purchase would further propel the Chinese company – already a major shareholder in Shanghai International Port Group, owner of Pearl Roiver Delta operator Modern Terminal and a 49% shareholder in CMA CGM port arm Terminal Link – up the ranks of international operators. There is a stumbling block however: China Merchants wants a majority stake, but Patrick parent Asciano is unwilling to sell more than 49%.