Toll close to Virgin Blue decision
A Report in The Australian by Steve Creedy says that Toll Holdings boss Paul Little believes the logistics company is on track to make an announcement early next year about its intentions for its 62 per cent stake in Virgin Blue.
Mr Little said yesterday Toll was still looking at three options: a partial, full sale or no sale of its stake.
He said the process was proceeding well and said there had been strong interest from overseas, but he would not be more specific.
“We’re very pleased with progress,” he said.
“There’s obviously a bank involved and there’s a lot of work involved in interviewing each interested party and so forth.
“But I would have thought that by early next calendar year and that’s January-February-ish, we would be in position to make an announcement on the findings of this process.”
Mr Little said it was important to understand there were a number of possible outcomes from the process and it was not just as simple as Toll selling its stake.
Asked about speculation the company would opt for a partial sell-down, he said Toll had a long-term agreement in place with Virgin Blue in relation to air freight.
“We are very keen to grow that part of the business, so it’s logical we would stay very close to Virgin Blue,” he said.
“And if that means maintaining a small equity position, then we’re not averse to that.”
“But those decisions haven’t been taken yet, it’s just one of the options available to us.”
The Toll chief was commenting after the re-emergence of rumours that Emirates was doing a deal to buy the entire 62per cent stake.
This was despite recent comments by at least two Emirates top executives that the airline was too busy with its own ambitious growth plans to take on the Australian carrier.
Mr Little said the process was not that advanced and said the rumours about Emirates were incorrect.
He was backed by Emirates president Tim Clark, who, when asked yesterday whether there had been any change in the Dubai carrier’s stance, said, “Simple answer, “no.”
The Mole comments that speculation is increasing that Etihad could be the buyer.
A Report by The Mole from The Australia
John Alwyn-Jones
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