Australia’s Foreign Investment Review Board approves Toll acquisition

The logistics provider cleared a “key” regulatory approval in its proposed 100% sale to Japan Post Co.    The Australian Government’s Foreign Investment Review Board has approved the proposed 100% acquisition of Toll Group by Japan Post Co Ltd. Toll, Australia’s largest logistics provider, announced the $5.1 billion sale to the Japanese government-owned Japan Post in February.
   FIRB authorization is one of the “key regulatory approvals” required for the acquisition, according to a statement from Toll. The company said it has already begun the process of obtaining the remaining necessary approvals.
   “We are pleased that Japan Post’s bid has gained FIRB approval,” Toll Chairman Ray Horsburgh said in a statement. “The offer is compelling for Toll’s shareholders and this is an exciting time for Toll and its employees.”
   “While there are still a number of approvals to obtain, including the vote by our shareholders at an EGM in May, we look forward to a successful and speedy conclusion to the transaction,” Horsburgh added. “In the meantime, it is business as usual for Toll as we focus on delivering the best possible logistics solutions for our customers.”