Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, November 26, 2014

Australia's Port of Melbourne lining up three bidders - source, (NYSE: JPM)

Three of Australia's largest infrastructure funds plan to bid for the country's largest container terminal in a sale expected to fetch about A$5 billion ($4.27 billion) for Victoria state, a source with knowledge of the process said on Wednesday. The prospect of three bidders suggests Victoria, Australia's second most populous state, will reap a hefty price for the asset and encourage other Australian states looking to sell a combined A$130 billion of assets in the next 18 months.Pension fund IFM Investors has hired investment banks JPMorgan Chase & Co and Barclays Capital to prepare a bid for Port of Melbourne, while a consortium of Hastings Funds Management Ltd and Kuwait sovereign fund Wren House Infrastructure Management have hired UBS AG, the source said.Queensland state fund QIC Ltd is also expected to appoint a bank to place a bid, said the source who spoke on condition of anonymity because they were not authorised to comment publicly.Hastings failed to comment and IFM and QIC were not immediately available for comment.

JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 1.08% or $-0.66/share to $60.30. In the past year, the shares have traded as low as $52.97 and as high as $61.93. On average, 14109800 shares of JPM exchange hands on a given day and today's volume is recorded at 14802617.