Mainfreight gets full control of Owens after Toll sells out

Mainfreight will finally gain full control of logistics company Owens after Toll Holdings today sold its blocking stake in the company.

Mainfreight now has a 91.54 per cent stake in Owens after Toll Holdings sold its 11.58 per cent stake for $1.17 a share.

Under New Zealand regulations Mainfreight can now compulsorily acquire the remaining shares it does not already own.

Mainfreight had sought a 100 per cent stake in Owens back in October 2003, when it gained its 79.7 per cent holding, but was blocked by Toll.

At the time Manfreight paid $1.10 a share, while Toll paid $7.8 million for 6.7 million Owens shares at a price equivalent to $1.16 a share.

Toll managing director, Mr Paul Little, said while the takeover price represented just a small profit for Toll, the further rationalisation of the New Zealand transport and logistics sector would be positive for the industry.

Shares in Owen have ranged between 85c and $1.15 over the past 12 months and today were unchanged at 85c. Mainfreight shares gained 8c to $2.18, having traded between $1.74 and $2.75c in the past year.

- NZPA