Canada's Brookfield Infrastructure has hit back after Chris Corrigan's Qube Holdings thwarted its moves to take over ports and rail operator Asciano.
Brookfield, which first proposed a takeover of Asciano in June, overnight acquired about 188 million shares in Asciano - a stake of about 14.9 per cent.
Brookfield also entered arrangements giving it an economic interest in another 4.3 per cent of Asciano stock.
Brookfield will now try to build towards majority control of Asciano by going directly to Asciano shareholders rather than seek full ownership via a scheme of arrangement.
The scheme of arrangement needs the support of 75 per cent of votes cast at a meeting of Asciano shareholders.
But Qube, which acquired a 19.99 per cent stake in Asciano in late October, does not support the scheme.
"Brookfield Infrastructure intends to make a takeover offer for Asciano for the same consideration as the standard consideration under the existing scheme of arrangement announced on August 17, 2015," Brookfield said on Friday.
"The takeover offer would be subject to a 50.1 per cent minimum acceptance condition and would have similar conditions to the scheme of arrangement, including ACCC (Australian Competition and Consumer Commission) merger clearance."
IG market strategist Angus Nicholson said Brookfield's counter-attack against Qube's aggressive positioning showed how much Brookfield wants Asciano.
"They (Brookfield) are fully prepared to come in and actually start buying the shares off any (Asciano) shareholders they can get," he said.
Mr Nicholson said the fight over Asciano could be a long one, but Brookfield should be able to reach its 50.1 per cent threshold.
Shares in Asciano had jumped 67 cents, or 8.09 per cent, to $8.95.
Brookfield is still offering $6.94 in cash and 0.0387 Brookfield Infrastructure units per Asciano share, which Asciano endorsed in August.
The cash-and-scrip offer currently has an implied value of $9.22 per Asciano share, putting the bid at $8.99 billion in total.
Asciano owns the Patrick ports business and rail freight operator Pacific National.
Brookfield, which is listed on the New York Stock Exchange, has operations in the utilities, transport and energy sectors in Australia.
Qube Holdings, and supporters Global Infrastructure Partners (GIP) and Canada Pension Plan Investment Board (CPPIB), do not support the Brookfield scheme proposal and prefer a possible carve-up of Asciano's assets.
Qube is interested in Asciano's Patrick Containers Terminals business, which Qube describes as having "first class" assets.
Qube - which is chaired by former Patrick Corporation chief executive, Chris Corrigan - has no interest in acquiring any of Asciano's businesses beyond the Patrick operations.
GIP and CPPIB are interested in the Pacific National rail business.
Asciano shareholders were scheduled to vote on a scheme of arrangement to implement Brookfield's proposed takeover on November 10.
Brookfield on Friday asked that Asciano defer the meeting to a later date.
