Australia’s Macquarie Bank could outbid freight transport group Toll Holdings to win control ofthe port logistics company Patrick Corporation in the latest surprise twist in an eight-month
takeover battle. Toll last month won Patrick board support for an agreed takeover worth about A$5.8billion (€3.5 billion).Macquarie Bank, whose portfolio includes several airports and toll road operators around theworld, announced it aimed to form a consortium to make an all-cash bid for Patrick at a premium tothe current Toll bid. But any bid depended on receiving shareholder commitment. An earliernewspaper report claimed that the bank planned to break up Patrick following a takeover.
In response, Toll Holdings said it would not extend its current offer to Patrick shareholders,which is due to expire on May 12 unless it obtains more than 50% of Patrick shares. Toll chief PaulLittle told Australian media that Macquarie Bank’s offer was “highly uncertain” and lacked thestrategic value of the Toll-Patrick merger.
Prior to the surprise news it appeared that Toll Holdings had won its eight-month battle to buythe country’s main port logistics operator, Patrick Corporation, after increasing its hostiletakeover bid to about A$5.8 billion (€3.5 billion) from the previous €3.2 billion. The acquisitionwould make Toll into one of Asia-Pacific’s largest freight transport groups with a large domesticexpress business in Australia.
