Japan Post has received an important go-ahead for its planned US$5.1 billion acquisition of
Australia’s Toll Group which will transform it into a major international CEP and logistics player.
Under the agreed A$6.5 billion (US$5.1bn) deal announced in February, Japan Post will become
owner of Australia’s leading express, freight and logistics group and gain a strong regional
platform for further international growth as it gears up for a planned mega-IPO later this year.
Toll announced today that the Japan Fair Trade Commission issued a statement that it will
not object to the proposed acquisition of Toll by Japan Post Co., Ltd. via a Scheme of Arrangement.
“We welcome this positive step by the Japan Fair Trade Commission and are continuing with the
process in relation to the proposed acquisition by Japan Post,” said Toll Managing Director Brian
Kruger.
Last month, the Australian Government’s Foreign Investment Review Board (FIRB) said it has
no objections in terms of the government’s foreign investment policy to Japan Post Co Ltd’s
proposed acquisition of the country’s largest express, freight and logistics group. “We are pleased
that Japan Post’s bid has gained FIRB approval. The offer is compelling for Toll’s shareholders and
this is an exciting time for Toll and its employees”, said Toll Chairman Ray Horsburgh at the time.
“While there are still a number of approvals to obtain, including the vote by our
shareholders at an EGM in May, we look forward to a successful and speedy conclusion to the
transaction. In the meantime, it is business as usual for Toll as we focus on delivering the best
possible logistics solutions for our customers,” he added.
Toll shareholders will meet on May 13 to vote on Japan Post’s takeover offer of A$9.04 per
share in cash, which has been recommended by the Australian company’s board. Assuming they agree,
the two companies aim to complete the transaction in June.
In future, Toll Group will become a Japan Post division, operating its express and freight
services under its own brand, and positioned as the Japanese group’s “key growth platform” in the
worldwide logistics sector. Japan Post executives have already signalled they are interested in
more acquisitions in Asia and could also look to Europe and the Americas for further expansion.
