James McCullough From: The Courier-Mail September 09, 2010 5:22PM
QUEENSLAND Rail will be floated on the Australian Stock Exchange later this year after the major coal companies withdrew their $5.1 billion bid for the below rail assets of the group.
The bid was due by tomorrow according to the Queensland Government deadline but on the eve of the deadline the coal consortium, the Queensland Coal Industry Rail Group (QCIRG) decided not to submit a bid.
The group, which comprises the largest coal companies in the country, said it could not satisfy its or the Queensland government's requirements for the bid.
It now appears very likely the State Government will proceed with its initial plan to float QR National on the ASX in the last quarter of the year.
