TOLL (ASX:TOL, NASDAQ: THKUF), (NZX: TRH), properly TOLL Holdings Limited, is Australia's largest transport company, based in Melbourne, Victoria. The company has operations in road, rail, sea and air.
For the fiscal year ending September, 2007, Toll reported net income of AU $1,278.7 million on AU $4.2 billion of sales revenue. It has many enterprise bargaining agreements with the Transport Workers Union, covering its road transport and warehouse distribution operations.
Timeline
Feud with Patrick Corporation
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From late 2005 until May 2006, Toll was embroiled in controversy over its attempt to takeover Patrick Corporation. In particular board meetings for the combined Pacific National rail project were used as slanging matches by Patrick and Toll directors.[3]
The process included several court cases brought by each side.
On January 19, 2006, the ACCC ruled that Toll cannot take Patrick over. [4]
On March 13, 2006, the ACCC announced that it accepted Toll's proposed court-enforceable undertakings and would no longer object to the takeover. However the share markets appeared to require that a higher price would need to be offered.[5]
On April 14, 2006, Toll announced that it would offer 0.4 Toll shares plus AU$3.00 for each Patrick Corporation share. The Patrick board unanimously accepted the revised offer. All ongoing legal proceedings between the two companies were to be dropped and Patrick would no longer acquire FCL Interstate Transport. [6] By purchasing Patrick, Toll will be the fourth largest transport company in the world and have annual revenues of over 8 billion [7]
The takeover was finally successful in May 2006. Toll gained control of Patrick on 11 May 2006[8] and announced intent to compulsorily acquire the remaining shares in Patrick.[9]
2007 Restructure and demerger
As part of the agreement with the Australian Competition and Consumer Commission over the acquisition of Patrick, Toll was required to dispose of several assets. It sold Patrick's Bass Strait Shipping and Tasmanian Freight Forwarding businesses to the Chas Kelly Transport Group.[10] It was originally required to also sell half of Pacific National. In 2007 however, Toll proposed a "variation" to separate Toll into separate logistics and infrastructure companies. Toll sought and received permission to retain complete ownership of Pacific National in the new Infrastructure Company provided that there was a complete separation of the boards and management of the two companies and all contracts between them were on an arm's length basis.[11]
See also
References
- ^ Toll Holdings (2006-05-03). "Toll’s Asian growth platform successfully secured". Press release. Retrieved on 2006-06-04.
- ^ "Toll bids for Hong Kong Freight Group", The Age.
- ^ Philip Hopkins (2005-10-24). "PN board meeting runs off the rails", The Age, John Fairfax Holdings. Retrieved on 2006-06-04.
- ^ "Australian watchdog blocks toll bid for Patrick", stuff.co.nz, Fairfax New Zealand (19 January 2006). Retrieved on 2006-06-24.
- ^ "Australia's Patrick shares jump, Toll to revise bid". reuters.com (March 12, 2006). Retrieved on 2008-08-08.
- ^ http://www.patrick.com.au/IRM/Company/ShowPage.aspx?CPID=747&PageName=Patrick%20and%20Toll%20Agree%20Terms
- ^ Toll triumphs - Business - Business - theage.com.au
- ^ Toll Holdings (2006-05-11). "Toll takes control of Patrick and declares Offer unconditional". Press release. Retrieved on 2006-06-04.
- ^ Toll Holdings (2006-05-24). "Toll Gains More Than 90% of Patrick & Will Proceed With Compulsory Acquisition". Press release. Retrieved on 2006-06-04.
- ^ Australian Competition and Consumer Commission (8 March 2007). "ACCC allows Toll to divest Tasmanian Shipping and Forwarding businesses to Chas Kelly Group". Press release. Retrieved on 2007-04-05.
- ^ Philip Hopkins (April 5, 2007). "Toll set to hold Pacific National", Business, The Age. Retrieved on 2007-04-05.
External links
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