Joint bid go-ahead for Star Track Express purchase

Australia's competition watchdog has decided not to block the proposed joint bid by Qantas Airways and Australia Post to buy road freight operator Star Track Express.

Qantas and Australia Post plan to fund the bid through a 50-50 joint venture, funded from cash reserves and undrawn credit facilities.

Qantas chief executive Geoff Dixon said the $866.95 million acquisition added to its portfolio of freight businesses, including Australian Air Express, which had been operated by Australia Post and Qantas for many years.