The Japanese post office, Japan Post, isset to become a major player in the logistics market with the takeover of Australian company Toll Holdings.
It’s offer, valuing the Toll business at A$8 billion, has been accepted by the Toll board, but Toll will appoint an Independent Expert to prepare a report on whether the offer is in the best interests of Toll shareholders. The Independent Expert’s Report will be included in the Scheme Booklet which is expected to be distributed to shareholders in mid- April.
Toll would be run as a division within Japan Post and would retain the Toll name. Toll management would remain in place with CEO Brian Kruger reporting to Japan Post CEO Toru Takahashi.
Takahashi said: “We believe the combination of Japan Post and Toll will be a transformational transaction for both our companies and we are very pleased we have been able to reach agreement. In partnership with Toll we are starting a new chapter of looking outward and becoming a leading global player.”
Toll chairman Ray Horsburgh said: “Japan Post is one of the world’s leading postal and logistics companies and Toll is the largest independent logistics group in the Asia Pacific. Together, this will be a very powerful combination and one of the world’s top five logistics companies.”
And Kruger said: “The proposed combination is a reflection of the strategic value of our business and our strong footprint throughout the Asia Pacific region. It will deliver great opportunities for our staff, customers and strategic partners. The great Toll culture built on safety and operational excellence will work well alongside Japan Post’s established values. I am delighted to have been invited to lead this powerful new division of Japan Post and look forward to working with the rest of the group.”