Japan post to buy Australia's Toll Holdings for $5bn
Toll Holdings Ltd.
Tokyo - QNA
Japan Post Holdings Co. said it will purchase Toll Holdings Ltd., Australia's largest logistics services provider, for about A$6.5 billion ($5 billion), in a move to expand its overseas business ahead of its stock listing later this year.
In its largest-ever overseas takeover, Japan Post, one of the biggest financial institutions in Japan, offered a 49 percent premium on Toll's Tuesday closing price, according to Japan's (Kyodo) News Agency.
The Melbourne-based company announced it will accept the Japanese state-owned company's proposal.
Taizo Nishimuro, president of Japan Post Holdings, is expected to hold a press conference over the deal later Wednesday.
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