<p>Toll Holdings will take 94.2% control of its New Zealand operations, having agreed to buy the 10% of Toll NZ shares held by US fund manager Third Avenue Management, the Australian company said today (Friday, June 29).</p> <p>At NZ$3 a share, the purchase will cost Toll NZ$99m ($90m).</p> <p>It will mop up the outstanding shares later.</p> <p>“The acquisition is expected to be earnings per share positive from the outset and the new structure will enable early integration of tother Toll businesses and leave the company in a position to aggressively pursue acquisition growth opportunities,” Toll managing director Paul Little said.</p> <p>After the full purchase of Toll NZ and a subsequent de-listing, Toll intends to dual list its own shares on the New Zealand Stock Exchange, the company said</p> <br />
Toll to buy rest of NZ subsidiary and dual list
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