Qube acquisition of AAT unopposed by ACCC

Company News

by David Chau

The Australian Competition and Consumer Commission (ACCC) has announced it will not oppose Qube Holdings’ (ASX:QUB) acquisition of the remaining 50% of Australian Amalgamated Terminals Pty Ltd (AAT).

Qube already owns 50% of AAT, and it will be acquiring the remaining stake from Brookfield Infrastructure Partners LP, as well as a group of global investment funds.

The ACCC was initially concerned that Qube, once it becomes the sole owner of AAT, could discriminate against other existing and potential downstream operators in favour of its own stevedoring and vehicle inspection services.

However, the ACCC relaxed its stance, now that it has received court-enforceable undertaking from Qube to address its concerns about the potential discrimination of competitors.

Qube posted a net profit of $92.5 million at 30 June 2016. 

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.