Patrick and Toll get another day in court

<p>The first of five cases running between Toll Holdings and Patrick Corp over Pacific National was due to open in the Supreme Court of Victoria this morning (Friday, March 31).</p> <p>Patrick is seeking to block any move by Toll to sell its stake in Pacific National to comply with its competition undertakings to the Australian Competition and Consumer Commission, arguing that it would break Patrick’s first option under the shareholders agreement.</p> <p>Toll’s first motion was to halt all legal proceedings because of the present takeover bid. </p> <p>Patrick could also hear shortly whether the ACCC will allowed it to proceed with buying FCL Interstate Freight Transport Services. </p> <p>Patrick said it would exercise its option to buy the group if the ACCC did reverse the veto it imposed last September</p> <p>However, the full impact of the FCL merger would hinge on whether Patrick can access more rail space, either by forcing the handover of space at wholesale rates under the shareholders’ agreement, or by eventual breakup of Pacific National.</p> <br />