<p>Toll Group has thrown its weight into the market scrap over the future of embattled New Zealand operator Tranz Rail.</p> <p>The transport and logistics group has bought a 6.1% stake in Tranz Rail, fuelling speculation that it might try to trump Rail America’s takeover bid for the company.</p> <p>Tranz Rail shares leapt another NZ10 cents this morning (Tuesday, May 20) to NZ96 cents on the back of the news.</p> <p>The share price has soared from lows of around 30 cents earlier this year, boosted mostly by the Rail America takeover offer of NZ75 cents a share last week.</p> <p>Toll Group managing director Paul Little said: “Toll has acquired its small interest in Tranz Rail on market, so that we can participate in the anticipated sale process.”</p> <p>Toll has analysed Tranz Rail for a “possible strategic fit”, he said.</p> <p>Key assets in Tranz Rail are similar and complementary to Toll’s Australian operations, the company believes.</p> <p>“This involvement with Tranz Rail is seen as an opportunity to further complement Toll’s existing operations in New Zealand and in line with Toll’s strategic growth ambitions within the region,” Mr Little said.</p> <p>Last month Toll expressed interest in buying Tranz Rail’s trucking and logistics business, Tranz Link.</p> <p>Despite the Rail America offer, Tranz Rail has pledged to continue with its planned asset sales to improve the company’s liquidity situation. </p> <br />
