Australia Rejects Brookfield Proposals on Asciano Deal

Australia’s competition watchdog has rejected proposals by Brookfield Asset Management Inc. to counter the regulator’s concerns about the Canadian firm’s proposed A$9 billion ($6.5 billion) takeover of rail and port operator Asciano Ltd.

The Australian Competition and Consumer Commission won’t accept a plan put forward by the investment firm’s Brookfield Infrastructure Partners unit, which was meant to address issues arising from the integration of rail track and haulage assets in Western Australia state and the combination of port and rail assets in Queensland, the regulator said in a statement.

Brookfield Infrastructure and Asciano said in separate statements they are working ...