WASHINGTON: IFM Investors and its partners for the Port of Melbourne auction have gone to the Australian Competition and Consumer Commission in their efforts to buy the $6 billion container port.
The ACCC said on Wednesday that it had commenced a review under the merger process guidelines and was seeking industry submissions into the potential deal by June 17. Much of the ACCC’s investigation is expected to centre on IFM. IFM is bidding for the port alongside Macquarie Infrastructure and Real Assets and Dutch pension fund manager APG Asset Management.
However, IFM is the biggest partner in the bid with a proposed 50 per cent stake and already has minority interests in Australian east coast ports at Port Botany, Port Kembla and Port of Brisbane. The submission revealed that IFM was seeking to account for 50 per cent to 55 per cent of the bidding group, while APG would take up to 30 per cent and MIRA would account for the remaining 20 per cent.
