Melbourne patrick-stevedoring

The takeover saga of Australian ports and rail behemoth Asciano appears to be entering its final chapter, after the company’s board said it was recommending that the two rival consortia bidding for the conglomerate break it up, bringing to an end a nine-month bidding war. It’s a hugely complicated arrangement, but effectively the former Patrick container terminals will be sold to a joint-venture made up of Qube Holdings and Brookfield, while the Pacific National rail freight business will be sold to a consortium of finance houses and sovereign wealth funds.

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