Asciano in sale talks

Asciano has confirmed speculation it is in talks to sell assets worth more than $1bn.

According to the Wall Street Journal, Asciano has signed a 60-day memorandum with China Merchants relating to the sale of stakes in container ports.

Goldman Sachs and JP Morgan have reportedly been hired as advisors on the transaction.

Asciano said: “It has been, and continues to be, in discussions with third parties in relation to a potential sale of a non-controlling interest in its Terminals & Logistics business division.”

“These discussions are preliminary and incomplete and no agreement has been reached with any parties at this stage.”

John Mullen, chief executive of Asciano, has previously suggested the company is open to selling Patrick ports if a bid reached a sufficient level, the Sydney Morning Herald says.