The Foreign Investment Review Board will raise no objections to the break-up and takeover of port and rail giant Asciano, the ASX-listed logistics firm has said.
Asciano said on July 27 it had received a letter from the FIRB indicating the authority would not stand in the way of the massive deal, which will see the split of Asciano’s ports business, Patrick, away from its rail business, Pacific National, so the two can be acquired by consortiums of roughly half a dozen investment firms.
“Asciano Limited today announces that the Foreign Investment Review Board has provided written notice that there are no objections under the Foreign Acquisitions and Takeovers Act 1975 (Cth),” the company told the ASX.
The news comes just days after the Australian Competition and Consumer Commssion approved the deal, months after it had objected to certain aspects of an earlier takeover plan.
Asciano will next seek approval for the takeover in the NSW Supreme Court on July 28.