Australia’s Supreme Court of Victoria on Thursday approved the arrangement under which Japan Post Co. will acquire all of the shares in Toll Holdings.
Australia’s Supreme Court of Victoria on Thursday approved the arrangement under which Japan Post Co. will acquire all of the shares in Toll Holdings.
A copy of court orders was lodged with the Australian Securities and Investments Commission later Thursday, making the transaction legally effective.
Toll will subsequently apply for its shares to be suspended from trading on the Australian Stock Exchange from close of trading, May 14, ending a 22-year listing on the exchange that began in 1993.
“We now look forward to the official start of our very exciting future as part of the Japan Post family,” said Brian Kruger, Toll Group’s managing director, in a statement.
In February, Japan Post offered A$6.5 billion (U.S. $5.1 billion) to acquire Toll Holdings, Australia’s largest freight transportation company.
Japan Post said Toll would be run as a division of Japan Post and will retain the Toll name. Kruger and the rest of the Toll’s management team will also remain in tact.
Toll engages in freight forwarding, contract logistics, express delivery, intermodal rail and trucking. The company even operates its own fleet of tugs, barges and other shallow-draft vessels in Asia. Toll reported revenues of US$6.9 billion and net profits of US$228.5 million in 2014.
The acquisition follows the launch of an international parcel delivery service in October by Japan Post through a partnership with France’s GeoPost and Hong Kong’s Lenton Group.
Japan Post’s acquisition of Toll Holdings approved
