The Australian ports operator, Patrick Corp, has accepted a takeover bid from the logistics giant Toll Holdings worth almost six billion dollars.
Patrick Corp has rejected Toll Holdings offers for more than eight months, but finally agreed today after it increased the offer.
The takeover will create a company worth 10.2 billion dollars, the world's fourth largest transport and logistics firm.
It will give Toll 100 percent ownership of the Pacific National rail freight joint venture that it now co-owns with Patrick.