FIRB approval paves way for Toll takeover

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Prime Mover Magazine / March 19, 2015

The Toll Group has welcomed the notification by the Foreign Investment Review Board (FIRB) that 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.

“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 Ray Horsburgh, Toll Chairman.

“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.”

FIRB approval is one of the key regulatory approvals required for Japan Post to takeover, which examines proposals by foreign persons to invest in Australia and makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia's foreign investment policy.

The process for achieving other approvals is underway and will be outlined in the coming weeks, according to Toll.

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