Australian regulator dismisses Brookfield's promises in $6.5 bln rail and port bid

Wed Nov 25, 2015 5:37pm EST
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SYDNEY Nov 26 (Reuters) - Australia's competition regulator said it rejected undertakings by Canadian infrastructure giant Brookfield Asset Management Inc meant to address antitrust concerns over its A$9 billion ($6.53 billion) bid for port and rail giant Asciano Ltd.

In a statement on Thursday, the Australian Competition and Consumer Commission said Brookfield made "long term behavioural undertakings" to assuage its concerns that the deal would give Brookfield both the railways and freight trains in some locations.

"After detailed consideration, the ACCC has concluded that the undertakings are not acceptable," ACCC Chairman Rod Sims said in the statement, without specifying the undertakings.

($1 = 1.3793 Australian dollars) (Reporting by Byron Kaye; Editing by Dan Grebler)