Deals
Japan Post to Purchase Australia’s Toll for $5.1 Billion
This article is for subscribers only.
Japan Post Holdings Co. agreed to buy Australia’s Toll Holdings Ltd. for A$6.49 billion ($5.07 billion), gaining a transport network in the faster-growing Asian region ahead of an initial public offering this year.
The offer, the biggest by a Japanese company for an Australian firm, values Toll’s shares at A$9.04 each, 49 percent more than Tuesday’s closing price. Shares in the Melbourne-based logistics company jumped by a record 47 percent to A$8.94 at 3:44 p.m. in Sydney Wednesday.