Toll Holdings' New Zealand business is included in a review of its structure and operations for possible sale.
Australia's biggest transport group said yesterday - after a newspaper reported it might spin off its ports and railways - that it expected to finish the review soon but had
yet to sign off on any decisions.
"The review is of the Toll Group operation, which includes New Zealand," spokeswoman Fleur Bitcon said.
The Australian Financial Review said Toll had appointed investment bank UBS and law firm Clayton Utz to advise it on putting assets, such as its container ports and freight trains, into a managed trust, freeing up cash to fund a push into Asia.
The company said yesterday: "No concluded proposal has yet been finalised. Toll anticipates finalisation of its review shortly for presentation to the Toll board."
It said the review was designed to maximise shareholder value and position it for growth.
Toll has been reviewing its businesses after spending about A$7 billion ($8.1 billion) to take over Australia's top ports operator, Patrick Corp, and Singapore logistics firm Sembcorp this year.
Assets that could be spun off included its ports in Sydney, Melbourne, Brisbane and Perth, as well as trains and terminals owned by its Pacific National rail freight business.
In New Zealand, Toll operates the Interisland ferries and rail and road transport operations.
The newspaper said if a sale went ahead, Toll was expected to use its leaner capital structure to underpin growth ambitions in Asia, where it wants to create a pan-Asian logistics business.
Toll was due to choose a buyer this month for a 50 percent stake in Pacific National. Six bidders were shortlisted for the stake, which it was required to sell to meet anti-trust concerns.
Toll shares rose 20c to A$18.25. Toll NZ shares rose 5c, or 1.9 per cent, to $2.75.
- NZPA
