Rail and ports giant Asciano will sell its 50 per cent stake in the ACFS Port Logistics business to its joint venture partner, in a move to remove the overhang on its $9.05 billion takeover.
Asciano said the transfer will settle the dispute with its partners - Arthur and Terry Tzaneros - and allay the competition watchdog's concerns about combining its Patrick container terminals business with Qube and ACFS.
The ACFS JV is Australia's largest privately owned container logistics group.
Asciano's takeover by Qube, Canadian infrastructure giant Brookfield and six other global investment funds had been under a cloud after Asciano's partner in ACFS Logistics sought court orders to protect its rights.
The ACCC is also due to announce its decision on the takeover deal by July 21.
