MELBOURNE, Sept 23 (Reuters Breakingviews) - Ausnet Services (AST.AX) is the latest contested deal Down Under. A Brookfield Asset Management (BAMa.TO) unit on Monday offered A$9.5 billion($6.9 billion) in cash for the operator of electricity transmission networks; the target’s local rival APA (APA.AX)then topped that by 4% a day later. The latest announced bid values Ausnet’s enterprise at almost 1.6 times its total asset value, higher than many similar deals in recent years. APA would finance a third of it with stock and would need some A$300 million in cost cuts, Breakingviews calculates, to justify the 31% premium to Ausnet’s undisturbed price. It might find A$50 million, UBS reckons. Brookfield has deeper pockets, and its all-cash offer probably appeals more than APA stock to shareholders like the State Grid Corporation of China and Singapore’s Temasek, which own 51% of Ausnet between them. The sticking point for the Canadians is whether Australia will let essential services like electricity supply be 100% foreign-owned. Dealmaking isn’t always about the money. (By Antony Currie)Capital Calls - More concise insights on global finance: Fonterra refines recipe to weather climate crisis read more Vaccine spat is unhealthy for UK-India trade talks read more Five9 investors may do Zoom a favor read more MELBOURNE, Sept 23 (Reuters Breakingviews) - Ausnet Services (AST.AX) is the latest contested deal Down Under. A Brookfield Asset Management (BAMa.TO) unit on Monday offered A$9.5 billion($6.9 billion) in cash for the operator of electricity transmission networks; the target’s local rival APA (APA.AX)then topped that by 4% a day later. The latest announced bid values Ausnet’s enterprise at almost 1.6 times its total asset value, higher than many similar deals in recent years. APA would finance a third of it with stock and would need some A$300 million in cost cuts, Breakingviews calculates, to justify the 31% premium to Ausnet’s undisturbed price. It might find A$50 million, UBS reckons. Brookfield has deeper pockets, and its all-cash offer probably appeals more than APA stock to shareholders like the State Grid Corporation of China and Singapore’s Temasek, which own 51% of Ausnet between them. The sticking point for the Canadians is whether Australia will let essential services like electricity supply be 100% foreign-owned. Dealmaking isn’t always about the money. (By Antony Currie) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Fonterra refines recipe to weather climate crisis read more Vaccine spat is unhealthy for UK-India trade talks read more Five9 investors may do Zoom a favor read more Pret’s new blend faces stiff taste test read more Xi pledge gives coal bad bank fund more fuel read more Cutting staff without tears read more