Japan Post buys Toll Holdings for A$6.49b
Buying the Australian firm gives the state-owned company a transport network ahead of an IPO this year
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Sydney
JAPAN Post Holdings Co agreed to buy Australia's Toll Holdings Ltd for A$6.49 billion (S$6.9 billion), gaining a transport network in the faster-growing Asian region ahead of an initial public offering (IPO) this year.
The offer, the biggest by a Japanese company for an Australian firm, values Toll's shares at A$9.04 each, 49 per cent more than Tuesday's closing price. Shares in the Melbourne-based logistics company jumped by a record 47 per cent to A$8.94 at 3.44 pm in Sydney on Wednesday.
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