SYDNEY, May 18 (Reuters) - Australian ports and railway company Asciano Ltd (AIO) on Wednesday said its A$9.1 billion ($6.65 billion) sale to an international consortium will be pushed back by regulatory delays due to a federal election.
Asciano said it had agreed to a request from Australia's Foreign Investment Review Board to delay the approvals process as the watchdog will cease operations ahead of the July 2 vote.
Approvals were now expected on July 22 rather than May 26 as previously scheduled, the company said in a statement. Asciano shareholders were set to vote on the proposal on June 1 but this could also be deferred.
Asciano in March agreed to be bought by a host of global investors including Canada's Brookfield Asset Management Inc
and China Investment Corp [GAOXI.UL]. ($1 = 1.3676 Australian dollars)
News: Asciano says sale approvals delayed until after Australian vote
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$3.95 |
Change
0.070(1.80%) |
Mkt cap ! $6.843B | |||
| Open | High | Low | Value | Volume |
| $3.93 | $3.97 | $3.91 | $8.992M | 2.283M |
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| No. | Vol. | Price($) |
|---|---|---|
| 6 | 89428 | $3.94 |
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| Price($) | Vol. | No. |
|---|---|---|
| $3.96 | 39859 | 2 |
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