Asciano’s Patrick stake sale talks ongoing


Speculation puts China Merchants Group into the frame as possible buyer

Asciano’s Patrick stake sale talks ongoing
A stake in Patrick is on the table

 

Asciano has confirmed it is in talks on the sale of a non-controlling interest in its Terminals & Logistics division.

The division, which is essentially the Patrick business, encompasses transport, logistics and supply chain operations. It has operations at ports and inland, along with trucks and trains.

"These discussions are preliminary and incomplete and no agreement has been reached with any parties at this stage," Asciano’s statement says.

"Asciano also notes that these discussions are consistent with the detail in the presentation made at Asciano’s recent investor day on 19 June 2014.

"Asciano can give no assurance that agreement will be reached or that any transaction will take place.

"Asciano will keep the market informed as required in accordance with its continuous disclosure obligations."

The group did not name the other parties though Australian ports investor China Merchants has surfaced in media speculation.

A Chinese state-owned enterprise, China Merchants won the Port of Newcastle lease in April in partnership with Hastings Funds Management.

It bought pallets firm Loscam in 2010.

 

 

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