Freight Australia in top shape for sale: van Onselen

<p>Freight Australia’s "excellent condition" will ensure it is a valuable strategic asset for any successful buyer, the company’s chief executive, Marinus van Onselen, said.</p> <p>"We have it from a loss-making government railroad into a viable private business," Mr van Onselen said. "We believe the asset is in excellent condition."</p> <p>The company has become "leaner, meaner and fitter" during last year’s crippling drought and emerged with prospects of breaking its 2001 turnover record during the next year, he said.</p> <p>Owner RailAmerica has decided to sell its Australian and Chilean assets and concentrate on North America &#8211 a decision which Freight Australia’s management fully accepts, he said.</p> <p>Morgan Stanley has been appointed to handle the sale of Freight Australia and interested parties are expected to begin due diligence processes shortly.</p> <p>"I think the first organisation that strikes a bargain with RailAmerica will be successful," Mr van Onselen said.</p> <p>He said he could not comment on any prospective buyers.</p> <p>In the meantime it will business as usual for the company, including dealing with a "bumper grain crop" and ongoing discussions with the Victorian Government over track access issues, he said.</p> <p>Queensland Rail (QR) CEO Bob Scheuber said QR has made "no secret" of its interest in acquiring interstate assets "including Freight Australia".</p> <p>Other interested parties are thought to be the Australian Railroad Group (ARG) and one of Pacific National’s owners, Toll Holdings. </p> <br />