Japan Post to buy Australia transport company in $5B deal
TOKYO (AP) — Japan's post office has agreed to acquire a leading Australian transportation company in a 6.5 billion Australian dollar ($5.1 billion) deal.
The board of Melbourne-based Toll Holdings Ltd. said Wednesday that it is recommending to shareholders that they accept the offer. The offer price of A$9.04 per share represents a 49 percent premium over Tuesday's closing price.
The acquisition comes ahead of Japan Post's planned listing on the Tokyo Stock Exchange late this year. The initial public offering is part of the ongoing privatization of the state-owned postal, banking and insurance giant.
Toll is a logistics company employing about 40,000 people in more than 50 countries. Its businesses include freight, document delivery and warehouse storage.