- Dec 6, 2004
I'll be happy to see control of DJ go back to SRB.www.smh.com.au said:Toll allowed to go get Patrick
By Matt O'Sullivan
March 13, 2006
TOLL Holdings' hopes of winning control of Patrick Corp have been revived after the competition watchdog reversed its decision to block the transport company's $4.3 billion bid for the stevedores.
In a major victory for Toll chief executive Paul Little, the Australian Competition and Consumer Commission changed its mind after the company agreed to sell its 50 per cent stake in rail operator Pacific National should the mainly scrip offer succeed.
Toll will make a revised offer in the next two weeks. Mr Little said he was confident he would realise his hopes of making Toll Australia's largest transport operator.
"It will be a decision that won't be too hard for shareholders to make," he said.
The ACCC's decision also revives Sir Richard Branson's hopes of regaining control of Virgin Blue, which were thrown into disarray in January when the commission ruled that the Toll-Patrick deal would damage competition.
Mr Little, who only last week won control of Singaporean logistics company SembCorp, said Sir Richard was happy about the decision and the two would discuss the revised bid this week.