Transurban ‘confident’ of bid approval

TOLL road giant Transurban is still in the running to grab a majority stake in the $16.8 billion WestConnex project, submitting a final bid in a move which pits it against competitor IFM Investors.

Transurban yesterday delivered a conditional bid for a 51 per cent interest in the 33kilometre Sydney toll road being sold by the NSW government.

The Melbourne-based company’s bid is conditional on approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.

IFM’s bid is conditional on FIRB approval.

Transurban has partnered with Australian Super, the Canadian Pension Plan Investment Board and the Abu Dhabi Investment Authority in its bid for WestConnex.

Transurban chief executive Scott Charlton said yesterday he was confident his company would obtain all the necessary approvals from the regulatory bodies.

“We will continue to work constructively and collaboratively with both agencies to enable the NSW government to conclude its process as expeditiously as possible to achieve the best outcome for NSW taxpayers and road users,” he said. The AACC is set to make a ruling on Transurban’s bid on September 6.

It has previously said it has concerns with the lack of competition among Sydney toll roads, which are overwhelmingly owned by Transurban.

The company owns 15 out of 19 toll road concessions in Australia.