Toll Holdings - 2007 Restructure and Demerger

2007 Restructure and Demerger

As part of the agreement with the Australian Competition and Consumer Commission over the acquisition of Patrick, Toll was required to dispose of several assets. It sold Patrick's Bass Strait Shipping and Tasmanian Freight Forwarding businesses to the Chas Kelly Transport Group. It was originally required to also sell half of Pacific National, however, in 2007 Toll proposed a "variation" to separate Toll into separate logistics and infrastructure companies. Toll sought and received permission to retain complete ownership of Pacific National in the new Infrastructure Company provided that there was a complete separation of the boards and management of the two companies and all contracts between them were on an arm's length basis. The Infrastructure Company is today known as Asciano Limited.