Toll reaches agreement with China Merchants Group to acquire Shenzhen-based ST-Anda Logistics company
Toll Holdings has announced it has reached an agreement with China Merchants Group to acquire the remaining 49 percent of the Shenzhen based ST-Anda Logistics company of which it already controls 51 percent.
Toll Managing Director Paul Little says the purchase of the remainder of the company comes down to the importance of his companies Chinese interests.
“The Toll Group has for some time considered our Chinese logistics operations to be of strategic significance to Toll’s international business,” Little says.
“Moving ST-Anda to a wholly owned subsidiary will give Toll the opportunity to better integrate our operations within China and to offer a more seamless total logistics solution to our existing customers in both China and in a global setting.”
ST-Anda operates extensively across 1500 cities across China and has a client list of some of the largest global fast moving consumer goods manufacturers including Colgate Palmolive and Johnson & Johnson.
The acquisition remains subject to Chinese regulatory approvals which could take up to six months