Australia's Transpacific eyes Cleanaway

Transpacific Industries said it was best placed to win the bid for Brambles Industries' Australia-based waste management arm Cleanaway, valued at around A$800 million ($963 million), and was hunting for more acquisitions.

Queensland-based Transpacific last month announced it would buy New Zealand's largest waste collector, Waste Management, for $880 million, and confirmed the combined group would bid for Brambles' Cleanaway and Industrial Services arms in Australia.

Asked if the company was prepared to pay whatever it takes to snare the Cleanaway asset, Transpacific Executive Chairman Terry Peabody told ABC television on Sunday: "To a degree."

"We're certainly not going to do anything that doesn't make sense for the company in the long term, but certainly I believe we are the best positioned to get Brambles the best price for that business."

Analysts and bankers have estimated the Cleanaway and the material handling and logistics Industrial Services unit could fetch as much as A$1.7 billion. Indicative bids for the assets are due April 26.

Transpacific, which is being advised by Macquarie Bank Ltd, said it would team up with private equity player Champ to bid for both assets.

Peabody said Transpacific, which has made 18 acquisitions in the past year including Waste Management, also wanted to buy the New South Wales government-owned waste management business.

- REUTERS