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Babcock & Brown makes WestNet move

SYDNEY-BASED Babcock & Brown Infrastructure has announced it will move to fully acquire WestNet Rail – the company that administers Western Australia’s freight rail lines – after acquiring a 51 per cent stake in the operator last year. The call option over the balance of WestNet Rail can be exercised between June 2007 and March 2008, with payment to be made in either cash or stapled securities. Babcock & Brown, which has also partnered with Singapore Power International Ltd to bid for Alinta Ltd, has had a busy time in WA recently. This week, it announced it would back Coogee Resources with a $300 million investment, rebooting the oil and gas company’s development plans, which had stalled in the wake of a failed $380 million float planned late last year.

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