Toll Holdings may have to wait on New Zealand rail

<p>Stock in rail company Toll New Zealand jumped 4% yesterday (Tuesday, August 10) as an unknown buyer picked up 2.5m shares.</p> <p>Speculation is the buyer was Third Avenue International Vale Fund adding to its existing 5.2% ownership of the rail company.</p> <p>The price for Toll New Zealand reached a two-year high of $NZ1.98 ($1.81) buoyed by investor speculation that Australian based Toll Holdings will seek to secure a 100% of the rail company.</p> <p>A spokesperson for Toll Holdings said it is well known that the Australian company is interested in total acquisition of Toll New Zealand but because it has a controlling stake there is no urgency for it to pay a record high price.</p> <p>Toll Holdings owns an 82% stake in Toll New Zealand.</p> <br />