Oaktree, Brookfield bail on Toll global express auction
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Forget about Canadian Brookfield or its part-owned asset manager, Oaktree Capital Management, swooping on Tollâs up for sale global express unit.
While the firm was quick to express its interest to auctioneers JPMorgan and Nomura last year, it is understood they downed tools weeks ago â contrary to unsubstantiated reports â and dropped out of the auction.
Tollâs global express unit has 151 depots, 39 plans, 3496 trailers, 884 prime movers, 5847 vans and motorbikes, 8151 containers and 2 ships, according to a pitch to potential buyers.Â
Bloomberg
It leaves Australian turnaround investors Allegro Funds and Anchorage Capital Partners as contenders for the unit, while Toll owner Japan Post and its bankers have a plethora of parties looking to snap up its various parts.
Dick Smith class action parties propose $25m settlement
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Former Dick Smith Holdings shareholders who sued over the 2016 collapse of the consumer electronics retailer will split a little under $6 million, under a $25 million settlement proposal which will not cover costs incurred by the class action funders.
Parties in a trio of class actions brought against Dick Smith Electronics, former directors Nicholas Abboud and Michael Potts and 10 insurers over the retailer s 2013 public listing have reached an in-principle settlement of $25 million.
However, the settlement needs to be approved by the Supreme Court of NSW.
If the settlement is agreed upon by the court, a little under $6 million will be distributed to Dick Smith shareholders.