Aus & NZ: Transurban consortium confirms WestConnex bid

23 July 2018 - 12:00 am UTC

Transurban said it has submitted a conditional bid for 51% of the WestConnex motorway on Monday (23 July) morning.

In a stock exchange release, Australia’s dominant toll-road operator said it had lodged a bid for the Sydney Motorway Corporation, which is delivering WestConnex.

It said it had been engaging with the Australian Competition and Consumer Commission (ACCC) since December 2017 and is confident it will obtain all necessary approvals.

As well as Transurban, the Sydney Transport Partners’ consortium includes AustralianSuper, Canada Pension Plan Investment Board and Tawreed Investments. It is up against IFM Investors, which includes APG, OMERS and Australian super funds.

Both also need approval from the Foreign Investment Review Board.

“We will continue to work constructively and collaboratively with both agencies to enable the NSW Government to conclude its process as expeditiously as possible and achieve the best outcome for NSW taxpayers and road users,” said Transurban chief executive, Scott Charlton, in the statement.

On Thursday (19 July) the ACCC said it would delay a decision on Transurban’s bid by two months, to 6 September.

Transurban subsequently cast doubt over whether it would lodge a bid by the Monday deadline, but the NSW Government refused to budge on the bid timing.