IFM Investors has crossed the 50 per cent ownership threshold in Atlas Arteria, effectively securing control of the ASX-listed toll road group and bringing a four-year hostile campaign to a close.
The accumulation of shares has placed immediate pressure on Atlas Arteria chairman Debbie Goodin, who is now expected to step down as the new majority owner moves to consolidate its position.
The development marks a decisive end to a protracted corporate battle that began when IFM first raided Atlas Arteria's shares in 2022.
Despite Atlas Arteria's attempts to defend its independence, including entering negotiations to sell its Warnow Tunnel toll road in Germany for up to $188 million in cash, the infrastructure group could not prevent the Australian superannuation fund manager from building a controlling stake.
The sale of the Warnow Tunnel was widely viewed as a strategic move to raise capital and deter the takeover, but it ultimately failed to stop IFM's advance.
With more than half of the voting power now in IFM's hands, the toll road operator's board faces a fundamental restructuring as the new majority shareholder prepares to install its own management team and strategic direction.