SYDNEY, May 18 (Reuters) - Australian ports and railway company Asciano Ltd on Wednesday said its A$9.1 billion ($6.65 billion) sale to an international consortium will be pushed back by regulatory delays due to a federal election.
Asciano said it had agreed to a request from Australia’s Foreign Investment Review Board to delay the approvals process as the watchdog will cease operations ahead of the July 2 vote.
Approvals were now expected on July 22 rather than May 26 as previously scheduled, the company said in a statement. Asciano shareholders were set to vote on the proposal on June 1 but this could also be deferred.
Asciano in March agreed to be bought by a host of global investors including Canada’s Brookfield Asset Management Inc and China Investment Corp.
$1 = 1.3676 Australian dollars Reporting by Colin Packham; Editing by Stephen Coates