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Toll Holdings

Toll Holdings takes $22.9m provision for tax case, widens 2013 loss on write-down

Toll anticipates $19M for tax avoidance penalties

But the company has yet to include provisioning in its accounts for the possible loss of its dispute with IRD as a key Court of Appeal decision is still pending.

Rail deal still to be settled

Haggling over the details of the government buyback of Toll Holdings' rail business in New Zealand will go right to the wire today.

The deadline is midnight today and late yesterday agreement on all aspects of the deal had not been reached.

Plans are in place for a big revelation of the new look of the business at Wellington's railway station on Tuesday.

In May the Government and Toll announced a heads of agreement for the government to buy Toll's rail and ferry assets for $665m. There are another $25m of associated costs.

Toll directors lose out in 'con job of the century'

The Toll Holdings directors who bought shares in their company ahead of the announcement of the sale of rail assets to the New Zealand government have now lost money on the purchase.

The sale of the business to the Crown announced on May 5 has been called the "con job of the century" by unnamed sources because the Toll Holdings share price spiked higher on the exit from "a pig of a business".

National seeks detail of railway deal

The National Party wants full disclosure of the details of the deal the Government made with Toll Holdings when it bought back the railways.

Finance Minister Michael Cullen announced last week the Government had agreed to buy back the rail and ferry business for $665 million.

Today National's finance spokesman, Bill English, said it had been reported the Government would have to repay $200 million of debt even after paying the $665 million.

Toll plans new purchase following rail sale

Toll Holdings will shortly announce an acquisition in New Zealand, reinforcing the Australian company's stated commitment to this country in the wake of the sale of its rail assets to the government.

The Australian transport company today agreed to sell its rail business to the government for $665 million, leaving it with a trucking business producing about $200m of revenue a year.