Queensland Appoints More Banks to Help Manage Coal Rail Network Share Sale
Queensland appointed more banks to help manage a planned initial share sale of the state’s coal tracks and trains, Australia’s biggest railroad, scheduled for the end of this year.
Commonwealth Bank of Australia Ltd. and Wilson HTM Investment Group were named as co-lead managers for the share sale of Brisbane-based QR National, the Queensland state government said in an e-mailed statement. Ord Minnett Group Ltd. and Patersons Securities Ltd. were appointed co-managers.
“These institutions are key to the retail market and have come on board as we look towards a planned listing by year’s end,” Treasurer Andrew Fraser said. The government hasn’t said how much it intends to raise from the share sale.
BHP Billiton Ltd., Xstrata Plc and 11 other coal miners in Australia bid A$4.85 billion ($4.4 billion) in May for the coal railroad in Queensland to head off the state government’s planned initial public offering. Citigroup Inc. is advising the producers on its offer.
Credit Suisse Group AG, Goldman Sachs JBWere, Merrill Lynch, Royal Bank of Scotland Group Plc and UBS AG were named by Queensland in March as joint lead managers for the share sale.
To contact the reporter on this story: Ben Sharples in Melbourne at firstname.lastname@example.org