Australian integrated logistics services provider Toll Group is making an AU$3-a-share takeover offer for Toll New Zealand, which will give the company total ownership of Toll.
Toll bought rail operator Tranz Rail in 2003 and then sold the rail network to the government the following year. Toll NZ runs the inter-islander ferry service, Wellington's Tranz Metro commuter rail services in addition to rail freight operations.
By moving to 100% takeover Toll Group say it can better structure its group operations in New Zealand and grow its business.
In February Toll NZ announced a December half-year net profit of NZ$9.12m, down 61%. Operating profit fell to NZ$24.2m from NZ$30.3m.
