Australian logistics firm Qube Holdings Ltd said on Friday it and partners had bought a near 20 percent stake in freight firm Asciano Ltd, seeking to block a $6.5 billion bid from Canada's Brookfield Asset Management.Confirming a Reuters report on Thursday, Qube said it had picked up a 19.99 percent stake, acting with Global Infrastructure Partners and Canada Pension Plan Investment Board. Qube said it wanted to combine its logistics business with Asciano's Patrick Containers Terminal business, while GIP and CPPIB were interested in Asciano's Pacific National rail business."Qube believes that any transaction resulting in the combination of Qube with the Patrick Businesses, if it were to eventuate, would be highly accretive to Qube shareholders in the medium term," Qube said in a statement to the ASX.
Brookfield Asset Management Inc. (Brookfield) is a global alternative asset manager. Shares of BAM traded higher by 0.4% or $0.14/share to $35.41. In the past year, the shares have traded as low as $29.83 and as high as $39.00. On average, 1563680 shares of BAM exchange hands on a given day and today's volume is recorded at 1093630.