AFR: Qube eyes Toll acquisition as net profit tumbles

The Australian Financial Review reports:

Qube Holdings would consider buying parts of the Toll Group if the transport and logistics company were to split up, managing director Maurice James said after reporting a 55 per cent fall in annual profit to $87.5 million.

“There is obviously parts of Toll we would have an interest in,” Mr James told The Australian Financial Review, adding these included Toll’s bulk freight operations, its oil and gas logistics business, and its government services arm.

“If that presents an opportunity, we’re keen to have a look at it.”

But Qube would have no interest in Toll’s international freight forwarding and express freight operations, and had no plans to get involved in so-called “last mile” deliveries, Mr James said.

As reported by Street Talk, Japan Post has sent requests for proposals to investment banks for ideas on how best to sell Toll…

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The possible interest of Qube in Toll was rumoured in mid-May. Our coverage at the time can be found here: “M&A radar: Toll Group sale endgame coming to the boil?”