Brookfield Infrastructure's $12 billion takeover of Asciano looks in further doubt after logistics group Qube Holdings said it had acquired a 19.99 per cent blocking stake in the port and rail operator.
Asciano's shares were placed in a trading halt before the start of trade on Friday after Qube announced it had teamed up with Canada Pension Plan Investment Board and investor Global Investment Partners to buy the stake.
The consortium does not support the current Brookfield scheme and will not vote in its favour.
"Qube has entered into this transaction to participate in deciding the ownership of Asciano's first class Australian terminal assets," the company said in a statement on Friday.
Qube said it was keen to acquire Asciano's Patrick Containers Terminals business as the combination had the potential to create significant value.
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GIP and CPPIB - who have funded more than two thirds of the stake - have entered into the transaction to participate in the ultimate ownership of Asciano's Pacific National rail business.
Canada-based Brookfield's proposed takeover, which would be the biggest logistics deal in Australian corporate history, was approved by Asciano shareholders in August, but has been held up by the competition watchdog.
The Australian Competition and Consumer Commission has said the massive takeover could lead to rail haulage in Western Australia and Queensland being dominated by the Canadian transport and utilities giant.
Qube on Friday said it would evaluate a number of options along with its co-investors, including not voting in favour of Brookfield's takeover, talks with Asciano or Brookfield regarding a carve-up of Asciano assets, and seeking board representation.
