Asciano, the Australian infrastructure group spun out of Toll Holdings, on Monday said its minority stake in Brambles was no longer a “long-term investment” in a move that ends speculation over whether it would bid for the world’s largest pallet supplier.

Brambles shares surged in August on news Asciano and Toll were both stake-building, prompting speculation that Asciano could launch a possible A$20bn ($17.7bn) takeover bid. However, Asciano, which eventually lifted its stake in Brambles to 4.1 per cent, was regarded by analysts as too small to mount an offer for a business three times its size without the firepower of a bidding partner.