Australia's takeover target Asciano says it may sell some operations

0 Comments | AFP, August, 2008

SYDNEY (AFP) — Australia's biggest ports and rail operator Asciano Group, the target of a 2.7 billion US dollar takeover bid, Wednesday said it may sell some of its operations as it reported a net loss for the year.

The company, which this week rejected a takeover bid from a US-based private equity firm saying it undervalued the group, delivered a net loss of 182.1 million dollars (167.1 million US) for the year to June 30, 2008.

Asciano, which was formed in June 2007 in a demerger from parent transport and logistics group Toll Holdings Ltd., said its operating business units performed well overall during the year.

Earnings before interest, tax, depreciation and amortisation (EBITDA), before significant items, increased by 10.1 percent to 677.7 million...