QIA teams up with Brookfield to bid for Australia’s Asciano – report

Canada’s Brookfield Asset Management has reportedly teamed up with Qatar’s sovereign wealth fund to launch a fresh $6.4bn bid for Australian port and rail firm Asciano.

The firm said it was dumping Brookfield’s initial offer of AUD 8.9bn ($6.3bn) on Tuesday in favour of a higher AUD 9bn bid from Australian freight rival Qube Holdings Ltd and China Investment Corp.

Sources told Reuters that Brookfield would combine with Qatar Investment Authority and pension fund PSP Investments for a new offer of AUD 9.05bn as early as Thursday.

The deal would be QIA’s first in Australia after buying assets around the world including a 44 per cent stake in a $4.5bn Brookfield property development in New York last year.

Both Asciano bids could face additional scrutiny due to the role of Chinese and Qatari government interests.