7 July 2003
Toll Holdings Ltd of Australia will spend $100 million on rolling stock and the Government $200 million on upgrading rail infrastructure & further replacement capital, under a new deal which will see Toll take over Tranz Rail Holdings Ltd. It has 19.9% now. The Government had previous promoted a proposal under which it would have got 35% of Tranz Rail at 75c/share. Toll’s new offer will be at the same 95c/share it offered in June. Grant Samuel’s appraisal of Toll’s original offer is on its way out to Tranz Rail shareholders and its appraisal of the Government’s original offer is due out next week.
Website: Tranz Rail