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PN can do the job in Victoria: RailAmerica

<p>RailAmerica has backed Pacific National to overcome the regulatory obstacles and complete the buyout of its Australian rail operation Freight Australia.</p> <p>Pacific National is yet to receive the necessary approval from the Victorian Government or the Australian Competition and Consumer Commission (ACCC) for the purchase of Freight Australia from the American rail giant</p> <p>But RailAmerica is standing firm in its commitment to sell the business to Pacific National despite initially saying it wanted the sale concluded in the second quarter.</p> <p>"RailAmerica would like to complete the sale as soon as possible," the company’s senior vice-president, Mike Howe, said.</p> <p>"It has a prospective buyer with very sound industry experience and financial backing.</p> <p>"We believe Pacific National has all the credentials to develop the freight services in Victoria as part of an exciting future for rail in Australia."</p> <p>Mr Howe said his company was in constant discussion with Pacific National on the issue "as would be expected in a proposed sale of this nature".</p> <br />