Search

Toll rings a sweet deal for Patrick Corp

Toll Holdings has acquired stevedore Patrick Corp for $5.8 billion after an eight-month battle in which harsh words were traded between the companies. Toll managing director Peter Little said the deal would change the face of the Australian transport industry by giving customers a full supply-train solution from the ports to the warehouse. Toll’s initial $4.6 billion bid was rejected back in August while Patrick managing director Chris Corrigan claimed in newspaper advertisements that it needed Toll, “like a fish needs a bicycle”. This week Mr Corrigan expressed satisfaction with the deal and said it had deliberately set up the circumstance so that it could have the maximum negotiating leverage. The result has already had a knock-on effect, with state-owned Queensland Rail, the recent purchaser of Wesfarmers’ joint venture Australian Railroad Group, looking to further purchases to bolster its presence in markets now dominated by Toll-Patrick.

Login

(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byECU School of Business and Law

Students

6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
10th-The University of Notre Dame Australia6,708
47 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer