Australia’s Macquarie Bank has scrapped plans to bid for port logistics group PatrickCorporation, leaving the field clear for market leader Toll Holdings to secure its agreed A$5.8
billion (€3.5 billion) takeover.The bank announced that an unnamed member of its planned consortium had withdrawn, and it wouldno longer proceed with its proposed scheme to acquire Patrick. Companies linked in the Australianmedia to the bank consortium include rivals Linfox and FCL as well as Singaport port group PSAInternational.
Toll’s bid expires on May 12. If successful, it will create an integrated Australian freighttransport group with domestic services ranging from air and land express, and road and rail freightto port logistics, as well as a strong Asian presence.
