Andrew Robb says takeover will lead to a substantial injection of capital, jobs and opportunities.
The Federal Government has signalled it will not stand in the way of Japan Post’s planned takeover of Toll, with trade minister Andrew Robb hailing it as a win for Australia.
Robb says Japan Post’s offer is a major vote of confidence in Australia’s economy and will lead to a substantial injection of capital, jobs and opportunities in Toll’s Australian operations.
Robb yesterday met with representatives from Japan Post and Toll.
The Japan Post offer is subject to shareholder and Foreign Investment Review Board approval.
“This offer represents a massive endorsement of Australian skills, services and expertise and underlines the strategic importance of Toll in the Asia Pacific, and provides an ideal platform to spearhead Japan Post and Toll’s global ambitions,” Robb says.
“Toll is already a giant in the Asia Pacific; this deal will enable Toll to become a giant globally.”
Toll says it expects the takeover to generate new opportunities for the business and allow it to build on its services.
Toll announced yesterday Japan Post made a formal bid for the company, which Toll has recommended shareholders support.
Under the proposed takeover, Toll’s branding and management will stay in place and its CEO will report to japan Post.
Toll chairman Ray Horsburgh says Japan Post and Toll will be a powerful combination and one of the world’s top five logistics companies.