Toll Holdings undertakings

After a period of extensive discussions, Toll Holdings has offered to the Australian Competition and Consumer Commission a revised variation to its undertakings* that is intended to allow it to carry out a restructure that will see a separation of its infrastructure businesses (including Pacific National) into a new publicly listed company, ACCC Chairman, Mr Graeme Samuel, said today.

"The revised variation offered by Toll incorporates a series of changes that respond to concerns arising from the ACCC's market inquiries on the variation initially proposed by Toll in December 2006.

"The variation requires a series of preliminary steps to be fulfilled before the ACCC will be in a position to accept it. Toll has advised that it expects to deliver on those steps by Friday 13 April. On the successful completion of those preliminary steps, the ACCC expects to be in a position to accept the variation."

If Toll has not completed those steps by 13 April, the ACCC will review its position with respect to the variation.

Background

*The ACCC accepted undertakings from Toll on 11 March 2006 in relation to Toll's acquisition of Patrick Corporation. On 13 December 2006 the ACCC commenced market inquiries on a proposed variation to the undertakings in connection with Toll’s proposed restructure of its business.