Fight for Australia's Asciano intensifies with Qube's US$6.3b offer

Sydney

THE battle for Australian stevedoring and rail giant Asciano Ltd escalated on Tuesday after ports firm Qube Holdings Ltd made a US$6.3 billion offer that narrowly beats a rival bid and is expected to draw less concern from anti-trust regulators.

Qube, led by Chris Corrigan who ran Asciano's port unit for 16 years, made an informal cash and scrip offer worth A$9.25 (S$9.28) per share, a day after Asciano endorsed a similar bid from Canada's Brookfield Asset Management worth A$9.22.