Australia transport giant Toll has fully acquired Hong Kong's big forwarder BALtrans. Toll plans to delist the company and make it a wholly owned subsidiary after acceptances of Toll's takeover offer gave the new owner 95 per cent of the issued share capital, enabling it to fully merge it with its existing operations.
Toll managing director Paul Little said BALtrans would play a key role in Toll's forwarding strategy, reported the UK's Transport Intelligence. "This is a great outcome for Toll - the integration of BALtrans with Toll's existing freight forwarding operations is a key plank in our strategy to become the Asia's only truly integrated logistics provider," he said.
Toll said it would delist BALtrans following its acquisition of the remaining shares. "Toll's priority now is to work with the management team on an aggressive growth strategy for the global freight forwarding business," Mr Little said.
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