bbi eps (beppa), page-6

Read it carefully. There is no change of control till 2012 unless BBI does get rid of the manager beforehand:

"BNB will continue to provide the services of Babcock & Brown Investor Services Limited (BBIS) as responsible entity of the Babcock & Brown Infrastructure Trust (BBIT) until 2012 (at the latest) for a fee of $2 million per annum, however the sole right to appoint and remove BBIS directors will vest in BBIT unitholders."

Cheers