Coal industry bid throws Queensland Rail IPO off track
The bumper initial public offering of a Queensland coal railway looked to be in doubt this week after a consortium of coal miners tabled a A$4.85bn ($4bn) bid for the network.
Thirteen miners including BHP Billiton, Rio Tinto and Xstrata have committed equity in a bid for track owned by QR National, part of the state of Queensland’s rail network, in a move that could derail an IPO that bankers have estimated to be worth A$4bn-A$5bn.
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