- Patrick Corporation
Infobox_Company
company_name = Patrick Corporation Limited
company_
company_type =Subsidiary ofAsciano Limited
company_slogan = none
foundation =Sydney, Australia
previously known as Lang Corporation
2002 name changed to Patrick Corporation
location =Sydney, Australia
industry =Logistics
num_employees = unknown (2004)
products = Patrick Terminals
Patrick Port Services
Patrick PortLink
General Stevedoring
Patrick Autocare (80% JV)
Owens NZ (50% JV)
Car Compounds Australia (50% JV)
Australian Amalgamated Terminals (50% JV)
revenue = $1.2 billion AUD (2004)
homepage = [http://www.patrick.com.au/ www.patrick.com.au]Patrick Corporation Ltd was an
Australia n publicly listedlogistics conglomerate. Headed by controversialCEO Chris Corrigan before it was absorbed byToll Holdings in 2006, Patrick had interests in shipping, rail and aviation, including a 62% shareholding inlow-cost airline Virgin Blue . Their headquarters were located in Sydney,New South Wales .Patrick Corporation is notable in being one of the main protagonists in the
1998 Australian waterfront dispute which centred on thePort of Melbourne .In August 2005,
Toll Holdings launched a hostile takeover bid for Patrick Corporation, which would include selling down its share in Virgin Blue.In January 2006, the
Australian Competition and Consumer Commission (ACCC) ordered that Toll could not takeover Patrick Corporation. [http://news.google.co.nz/url?sa=t&ct=nz/0-2&fp=43cf842a543de844&ei=AgnPQ5TeKs3caM-TuLkO&url=http%3A//www.stuff.co.nz/stuff/0%2C2106%2C3544306a6026%2C00.html&cid=1103555686] However, on11 March 2006 , after Toll gave the ACCC further undertakings in relation to the conduct of the business after a successful acquisition the ACCC indicated that it would withdraw its opposition. Patrick was given approval by the ACCC to acquire freight-forwarders FCL Interstate Transport on the condition that it broke up Pacific National, its joint-venture with Toll. The deal also hinged on Toll being unsuccessful in its bid for Patrick. On14 April 2006 , Patrick Corporation agreed to accept Toll's revised bid for the company after spending 9 months fighting the hostile takeover. While not officially acquired yet, it is expected that Toll will soon own enough Patrick shares to take control of the company. Toll's revised bid, some $5.8 billion instead of about $4 billion offered initially, was considered by Patrick to be the best deal it could get. The deal ends Patrick's plans for acquiring FCL and will mean the sell-off of Patrick's 50% stake in Pacific National to a third party (under the ACCC's ruling). Toll will now become the only fully vertically integrated logistics company in Australia — it will be able to provide a full package of shipping, road, rail and door-to-door transport of freight. Queensland Rail (QR) is already making plans to buy out FCL and trucking company Linfox in order to create its own mega-logistics chain.On
24 May 2006 , after having had held over 50% of Patrick for the past two weeks and having extend its offer for an additional week after not being able to achieve the required stock to remove Patrick from the ASX, Toll reached 90%. Patrick was absorbed the following day. Patrick had previously been a constituent of theS&P/ASX 200 index. Trade in the remaining shares was suspended onJune 6 2006 , and PRK was removed from the official list on3 July 2006 after completion of compulsory acquisition. [cite press release |url=http://asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00626580 |title=Patrick Corporation Limited Removal from Official List |date=2006-07-03 |accessdate=2006-07-04 |format=pdf |publisher=Australian Securities Exchange ]ee also
*
Toll Holdings
*Toll NZ
*Asciano Limited References
External links
* [http://www.patrick.com.au Patrick]
* [http://www.asciano.com.au Asciano Limited]
* [http://www.toll.com.au Toll Holdings]
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