the australian says 8 bids.

Another point of view from The Australian this morning.


http://www.theaustralian.news.com.au/business/story/0,28124,25348963-20501,00.html


Long line of offers to get Asciano back on track

Rebecca Urban | April 18, 2009

Article from: The Australian

THE future of debt-ridden Asciano could become clearer next week when the board meets to consider offers for the business.
The group's bankers will spend the weekend mulling indicative bids for various divisions of the ports and rail operator, as well as the business as a whole, after the deadline for bids closed last night.
Private equity funds, including Carlyle Group and TPG Capital, as well as Asian energy and infrastructure operators, are believed to be among an estimated eight parties to have lobbed bids for the group, which desperately needs to raise up to $1.5 billion to reduce debt and meet its refinancing obligations.
Trading in Asciano's shares has been particularly volatile, as market pundits speculate on a variety of outcomes from the sale.
After rising sharply in recent weeks -- prompting a price query from the Australian Securities Exchange at one point -- the company's share price shed 10.5c, or 8 per cent, to close at $1.16. However, shares rose as high as $1.35 during trading.
Managing director Mark Rowsthorn did not return phone calls yesterday, but a source close to the sale process said Asciano had been pleased with the level of interest from potential buyers.
Its advisers, investment bank Lazard Carnegie Wylie and the Royal Bank of Scotland, will spend the weekend assessing the offers before preparing a proposal to go before a board meeting early next week. Asciano has said it hopes to have the long sale process finalised by June.
Initially the company sought expressions of interest for its coal business only, but it has since expanded the process to consider proposals for the 100 per cent acquisition of either the coal or container ports businesses, as well as proposals for a complete takeover.
China-based Shenhua Energy and investment bank Morgan Stanley are reportedly interested in Asciano's coal haulage business, while private equity funds are believed to be the most likely to pitch for a takeover.
Andrew Chambers, a research analyst with Austock Group, said uncertainty over the outcome of the long-running auction had been reflected in Asciano's share price.