Toll needs Virgin money

Toll Holdings is finding it difficult to offload its 63 per cent stake in Virgin Blue, money it desparately needs to free up for pick up some juicy logistics offerings.

The global credit crunch has put intense pressure on a host of debt-laden companies, many of which are putting at least parts of their businesses up for sale – potentially at discounted prices. Rumours circulate about the possible (part or full) sale of such established businesses as CEVA Logistics, ABX and UTI Worldwide, to name a few.

Toll’s stake in Virgin Blue is valued at almost A$ 800 million, part of which could be used by Toll to make further investments in regional or Australia and new Zealand-based businesses closer to its core businesses of logistics, transport and supply chain management. Toll is expected only to retain a small shareholding in Virgin, in order to have access to the airline’s ‘belly space’ for its airfreight operations.

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