Storage buyouts save Aussie M&A blushes

MELBOURNE, Dec 9 (Reuters Breakingviews) - Dealmakers Down Under can head into the Christmas holiday season feeling a bit less downbeat. On Monday, Brookfield Asset Management (BAM.N), opens new tab and Singapore sovereign wealth fund GIC agreed to take Sydney-listed National Storage REIT (NSR.AX), opens new tab private at an enterprise value of A$6.7 billion, opens new tab ($4.4 billion). Meanwhile, Macquarie Asset Management is in exclusive talks to potentially buy container and logistics firm Qube (QUB.AX), opens new tab for $7.7 billion, opens new tab. Assuming both acquisitions go through, they will spare some M&A blushes.

A few high-profile transactions involving Australian companies and assets fell through this year, most recently BHP's (BHP.AX), opens new tab second – and very swiftly ended – tilt at Anglo American (AAL.L), opens new tab last month. The proposal, which was put together with help from Lazard (LAZ.N), opens new tab and UBS (UBSG.S), opens new tab, valued the target at some $53 billion, per Bloomberg. And in September, the United Arab Emirates' ADNOC ditched its $19 billion pursuit of oil and gas driller Santos (STO.AX), opens new tab, leaving JPMorgan (JPM.N), opens new tab, Goldman Sachs (GS.N), opens new tab and Rothschild empty-handed. That came just a few weeks after Peabody Energy (BTU.N), opens new tab buried its agreed purchase for up to $3.8 billion of Anglo's Queensland coal mines.