The planned deal between Japan Post and Toll Holdings is set to go ahead unhindered. Toll has announced it welcomes Foreign Investment Review Board approval of the deal which will see the Japanese postal giant acquire the Toll organisation.
The FIRB has confirmed the Australian Government has no objections in terms of its foreign investment policy to Japan Post’s proposed acquisition of 100 per cent of Toll via a Scheme of Arrangement.
Approval from the FIRB is regarded as one of the key regulatory approvals required for the deal to go ahead. The process for achieving other approvals is underway and Toll have said further approvals will be reported to the ASX in due course.
“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 Mr Ray Horsburgh.
“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.”