Patrick Steamship Co was founded in 1919 by James Patrick. It operated a shipping service with the SS Timaru out of Sydney along the East Coast of Australia. By 1925 it was operating as both a shipping line and stevedore, gradually expanding interstate.[1] The shipping operations were sold to Howard Smith Limited.[2]
In August 2005, Toll Holdings launched a hostile takeover bid for Patrick Corporation.[11] In January 2006, the Australian Competition & Consumer Commission (ACCC) announced it would not allow that Toll to takeover Patrick Corporation.[12] However, in March 2006, after the ACCC announced it would allow the takeover after Toll gave further undertakings including disposing of its 50% shareholding in Pacific National.[13][14]
In April 2006, Patrick Corporation agreed to accept Toll's revised bid for the company after spending nine months fighting the hostile takeover.[15][16] Having gained a 90% shareholding in May 2006, Toll was able to compulsorily purchase the remaining shares and delist the company from the Australian Securities Exchange.[17][18]
^Farquar, Ian (2002). Howard Smith Shipping: Enterprise & Diversity 1854-2001. Caulfield South: Nautical Association of Australia. pp. 31/32. ISBN0959907955.
^How the waterfront dispute 20 years ago changed Australia 7:30 6 April 2018
patrick, corporation, australian, seaport, operator, with, operations, brisbane, fremantle, melbourne, sydney, formerly, listed, australian, securities, exchange, owned, brookfield, asset, management, qube, holdings, industrylogisticsfounded1919founderjames, p. Patrick Corporation is an Australian seaport operator with operations in Brisbane Fremantle Melbourne and Sydney Formerly listed on the Australian Securities Exchange it is owned by Brookfield Asset Management and Qube Holdings Patrick CorporationIndustryLogisticsFounded1919FounderJames PatrickHeadquartersMelbourne AustraliaArea servedAustraliaParentBrookfield Asset Management 50 Qube Holdings 50 Websitewww patrick com auHistory Edit Patrick Corporation container crane at Port BotanyPatrick Steamship Co was founded in 1919 by James Patrick It operated a shipping service with the SS Timaru out of Sydney along the East Coast of Australia By 1925 it was operating as both a shipping line and stevedore gradually expanding interstate 1 The shipping operations were sold to Howard Smith Limited 2 Patrick was one of the main parties in the 1998 Australian waterfront dispute In Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia Patrick was found to have illegally dismissed its workforce 3 In 2000 Patrick Corporation took over Holyman 4 5 In February 2002 in partnership with Toll Holdings it acquired a 50 shareholding in Pacific National that purchased FreightCorp and the National Rail Corporation 6 7 In March 2002 Patrick acquired a 50 stake in Virgin Blue 8 9 It took control of the airline in March 2005 ultimately having a 63 shareholding 10 11 In August 2005 Toll Holdings launched a hostile takeover bid for Patrick Corporation 11 In January 2006 the Australian Competition amp Consumer Commission ACCC announced it would not allow that Toll to takeover Patrick Corporation 12 However in March 2006 after the ACCC announced it would allow the takeover after Toll gave further undertakings including disposing of its 50 shareholding in Pacific National 13 14 In April 2006 Patrick Corporation agreed to accept Toll s revised bid for the company after spending nine months fighting the hostile takeover 15 16 Having gained a 90 shareholding in May 2006 Toll was able to compulsorily purchase the remaining shares and delist the company from the Australian Securities Exchange 17 18 In June 2007 Patrick Corporation and Pacific National were spun off from Toll Holdings as Asciano 19 As part of the break up of Asciano a consortium of Brookfield Asset Management and Qube Holdings purchased Patrick in August 2016 20 21 The Bulk and Automotive Port Services business was sold separately as the Linx Cargo Care Group 22 References Edit History Patrick Corporation Farquar Ian 2002 Howard Smith Shipping Enterprise amp Diversity 1854 2001 Caulfield South Nautical Association of Australia pp 31 32 ISBN 0959907955 How the waterfront dispute 20 years ago changed Australia 7 30 6 April 2018 Takeover Offer Document to shareholders Ord shares Lang Corporation 21 October 1999 Changes to Holyman Board Compulsory Acquisition Holyman 30 December 1999 Freightcorp and National Rail Corporation sold to National Rail Consortium for one billion dollars ABC News 31 January 2002 Toll and Lang win NRC FC Railway Gazette International March 2002 page 112 Patrick deal boost for Virgin Blue CNN 11 March 2002 Virgin Blue And Patrick Forge New Aviation Partnership Virgin Blue 12 March 2002 Patrick seizes control of Virgin Blue Australian Financial Review 19 March 2005 a b Patrick knocks back takeover bid ABC News 22 August 2005 Toll Holdings Ltd Australian Competition amp Consumer Commission Toll Holdings Ltd proposed acquisition of Patrick Corporation Ltd Australian Competition amp Consumer Commission ACCC accepts revised undertakings from Toll in relation to proposed acquisition of Patrick Australian Competition amp Consumer Commission Patrick accepts Toll takeover ABC News 14 April 2006 Game over Toll takes Patrick The Sydney Morning Herald 14 April 2006 Toll gains more than 90 of Patrick amp will proceed with compulsory acquisition Toll Group 24 May 2006 Patrick Corporation Limited Removal from Official List Australian Securities Exchange 3 July 2006 New Structure Asciano Brookfield Infrastructure Consortium to Acquire Assets of Asciano Limited Brookfield 14 March 2016 Qube Brookfield consortium completes acquisition of Patrick Qube Holdings 18 August 2016 About Linx Cargo Care GroupExternal links EditCompany website Retrieved from https en wikipedia org w index php title Patrick Corporation amp oldid 1132630002, wikipedia, wiki, book, books, library,
