UPDATE 1-Australia's Qube seeks to block Brookfield's bid for Asciano with stake

Thu Oct 29, 2015 6:33pm EDT
 
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* Qube, partners pick up 19.99 pct stake in late Thursday raid

* Move could block $6.5 bln Brookfield's bid

* Qube seeks combination with Patrick terminal business

* Partners GIP, CPPIB interested in Pacific National rail business (Adds Qube, quotes)

SYDNEY, Oct 30 (Reuters) - 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.

Qube said its options now included voting against Brookfield's bid, talking to Brookfield and/or Asciano about an alternative proposal or holding its stake and seeking board representation.   Continued...