Asciano settles dispute related to takeover bid

Company News

by Jessica Ellerm

 
Asciano Limited (ASX:AIO) has announced it has resolved its dispute with the Tzaneros family in relation to the two parties Australian Container Freight Services joint venture.
 
The settlement will see Asciano transfer its interest in the JV to the Tzaneros interests, and will assign a number of port head leases to the venture.
 
As a result of the settlement, the proceedings bought against Asciano by the trucking business in the Supreme Court of New South Wales will look to be discontinued.
 
Proceedings were launched after Asciano announced its proposed takeover by Qube and Brookfield.
 
Asciano Limited reported a net profit of $200.6 million at 31 December 2015.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.