WASHINGTON: The competition watchdog has delayed a decision on the proposed Port of Melbourne lease purchase by a consortium led by IFM Investors, as it analyses new information on the potential deal. The giant super fund is leading a consortium that also includes Macquarie Group’s infrastructure arm and Dutch fund APG in the three-way battle for the $6 billion lease.
The Australian Competition and Consumer Commission said last month that it was assessing the potential impact on nationwide competition given IFM’s stakes in other Australian ports, including the Port of Botany and Port of Brisbane. It also holds a minority position in Port Kembla. A decision was due from the regulator on July 28, but it has now been pushed back until August 11 as it wades through additional information put forward to support the proposal by the consortium.
The ACCC said it had requested further detail from the consortium on July 8, but did not receive it until July 20 (yesterday). “Due to the time taken to provide the requested information, the former proposed decision date of 28 July [was] delayed to allow consideration of the information,” the watchdog said.
The IFM consortium is one of three groups in the running for the 50-year lease, with rival bids forthcoming from a joint venture of Citic and China’s Zhejiang Port and a consortium including Queensland Investment Corporation, Borealis Infrastructure and Global Infrastructure Partners.
