Australia’s leading freight transport group Toll Holdings is in talks to buy a stake inSingapore-based SembCorp Logistics. A deal would give a major boost to Toll’s international growth
plans following the veto of its bid to buy domestic ports operator Patrick Corporation.Toll confirmed in a statement that it is in discussions with SembLog Industries about buying aholding in SembCorp Logistics, its shipping and transportation division. Confirming its interest inAsia, Toll commented: “Toll has been in discussions with a number of parties to consider variousopportunities in that region for almost two years.” But the company added that no agreement hadbeen negotiated nor was it certain that a transaction would be concluded.
SembCorp said that it had not received any offer. Australian media had earlier reported thatToll was in advanced talks over an A$1 billion bid to buy the Singaporean logistics company.Semblog is one of Asia’s larger transport and logistics companies. But a joint venture betweenSembLog and Kühne & Nagel broke up in 2004 after the two companies failed to generatesignificant synergies to grow their businesses.
The Toll group has grown substantially through a series of acquisitions over the last decade,including of Australian courier firm IPEC (now re-branded to Toll IPEC). But its hostile A$4.6billion (€2.8 billion) bid for ports operator Patrick Corporation has been blocked by the country’scompetition authority and is now in court.
