Corrigan set for comeback: report

<p>Ex-Patrick Corp boss Chris Corrigan is set to make a comeback to the industry, taking on Toll Holdings via a $250m joint-venture deal with DP World, the <em> Australian </em> reported today (Thursday, December 21).</p> <p>The new entity would operate as &#8220a bolt-on business to the ports&#8221, putting it in direct competition with Toll’s proposed Infrastructure Co, comprising Patrick and Pacific National, to be headed by long-time Toll man Mark Rownsthorn, the paper said.</p> <p>DP World would not comment when contacted by <em>Lloyd’s List DCN</em> . A spokeswoman did say a comment would likely be made early in the new year.</p> <p>Mr Corrigan was overseas and unavailable for comment. </p> <p>DP World’s landside logistics concern, P&#38O Trans Australia, is rumoured to be part of the joint-venture deal. </p> <p>It’s understood that DP World will spin-off its landside logistics assets to bring the Australian business in line with its global stevedoring network.</p> <p>The <em>Australian</em> report said equity subscribers included private equity outfit Kaplan Equity, headed by Sam Kaplan, and KFM Diversified Infrastructure and Logistics Fund. </p> <p>Mr Corrigan is the chair of the fund’s investment advisory committee.</p> <p>The new entity would be headed by Mr Corrigan, who would be joined by ex-Patrick executives, the paper said. </p> <p>Rumours surrounding Mr Corrigan’s return to transport have circulated since he pocketed around $130m in cash and Toll shares after the successful buyout of Patrick Corp.</p> <p>Patrick chairman Peter Scanlon walked away from the deal with close to $377m. </p> <br />