Australia's Qube raises Asciano approach to $6.4 bln, trumping Brookfield

Sun Feb 7, 2016 6:10pm EST
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SYDNEY Feb 8 (Reuters) - Australia's Qube Holdings Ltd said it raised its proposed takeover bid for port and rail operator Asciano Ltd to A$9 billion ($6.4 billion) and that the target prefers its approach to that of Brookfield Asset Management Inc.

In a statement to the Australian Securities Exchange on Monday, freight terminal operator Qube said its investment consortium lifted its cash and shares indicative offer for Asciano to A$9.24 per share, higher than both its previous A$9.17 approach and Canadian Brookfield's A$9.10.

"The Asciano Board has determined that the Qube Consortium's Revised Proposal is a superior proposal," Qube said. ($1 = 1.4142 Australian dollars) (Reporting by Byron Kaye; Editing by Eric Meijer)