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Monday, August 17, 2015

CORRECTED-Australia's Asciano halts trading, media report says to recommend $6.5 billion Brookfield offer, (NYSE: BAM)

Asciano Ltd requested a trading halt on Monday after a media report said the Australian rail freight firm would recommend shareholders approve a $6.5 billion takeover offer from Canada's Brookfield Asset Management when it reports annual results on Tuesday. In a filing to the Australian Securities Exchange, Asciano said it requested the halt because it "expects to make an announcement to the ASX shortly in relation to recent media speculation."The company gave no details, but a day earlier Fairfax Media said Brookfield's due diligence had "gone well" and "Asciano investors are waiting now on a formal bid" following an informal approach in June. A Brookfield spokeswoman declined comment.

Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM traded higher by 0.03% or $0.01/share to $34.52. In the past year, the shares have traded as low as $28.40 and as high as $39.00. On average, 1245530 shares of BAM exchange hands on a given day and today's volume is recorded at 2339330.