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Selloff could turn into takeover: Asciano

MineSupplyToday
Blair Price
Monday, 16 March 2009

DEBT-ridden infrastructure group Asciano Group has flagged a potential takeover while the sale of up to 100% of its Pacific National coal business is still firmly on the table.

In an update to the market, Asciano said it had received multiple expressions of interest from a range of industry and finance-sector parties.

Asciano said its “monetisation” process now includes consideration of up to 100% sales of its coal or container ports business divisions and proposals for other assets and businesses of the group.

Signalling a possible takeover, Asciano said proposals were received that would result in a change of control or a recapitalisation of the group.

The company is aiming to announce a transaction by the end of the current financial year.

Asciano had net debt of $A4.59 billion at the end of last year and hopes to cut debt by $1 billion by selling assets, with negotiations continuing.

Asciano’s shares finished higher today

Back in August last year they traded for more than $5.