Blog Archives

Beverly Hills mega mansion with an asking price of $600,000 a month

This mansion on Lania Lane in Beverly Hills is after a tenant with plenty of cash. Photo: Beverly Hills Real EstateWhat is being billed as the most expensive mansion in the United States, on 10 hectares in Beverly Hills, is looking for a tenant with a spare $US475,000 ($609,000) a month.
Nanjing Night Net

That’s just about the median house price in Melbourne.

Real estate mogul Jeff Greene bought the palatial gated Mediterranean villa, called Palazzo di Amore, for $35 million in 2007 and listed the property for $195 million last November. If it sells at this price, it will be the most expensive home in the US.

In the meantime, the trophy home is on the market for rent.

The new tenants will be able to host lavish dinner parties with up to 250 guests in their entertaining complex, and enjoy jaw-dropping features such as a floating glass-floor walkway that connects one complex of the property to another.

A 400-metre tree-lined driveway, past three sets of double gates and security guardhouse, winds up to the 12-bedroom, 23-bathroom mansion, complete with a private-label vineyard.

Inside are limestone floors with marble and maple inlay, hand-painted ceilings, and panelling of maple burl wood.

It has all the bells and whistles a buyer shopping in this price bracket would expect and more, such as a 50-seat cinema, a bowling alley, a commercial-size walk-in refrigerator and a disco/ballroom with a revolving dance floor, DJ Booth and laser-light system.

There is a detached guesthouse for those lucky enough to visit and more than enough cellar storage to hold all the booze – 13,000 bottles plus additional barrels to be exact.

The garage is large enough to store 27 cars, and if that isn’t enough, there’s on-site parking for another 150.

New residents will also enjoy perks including impressive city to ocean views and vistas over Los Angeles Canyons and city lights.

Joyce Rey and Stacy Gottula, of Coldwell Banker Previews International, have the listing.

This story Administrator ready to work first appeared on Nanjing Night Net.

Carsales posts record profit, but market hoped for more

Carsales南京夜网.au CEO Greg Roebuck sees growth opportunities overseas. Photo: Jesse MarlowCarsales南京夜网 chief executive Greg Roebuck believes Australia’s economy can get back on track and help deliver strong growth for the online classifieds giant after the company reported a record first-half profit that slightly missed expectations.
Nanjing Night Net

Carsales delivered a 7 per cent improvement in net profit to $46.7 million, below the analyst consensus forecast of $49.4 million. The company attributed the miss to losses from a business investment in Asia and a surge in marketing and interest expenses.

Its shares fell as much as 7.4 per cent following the release of the result, but later recovered most of the losses to trade down 0.7 per cent at $10.25 in afternoon trade.

Mr Roebuck said the result was good in the current economic environment, with unemployment at its highest level in more than 12 years and the Reserve Bank of Australia recently downgrading its growth forecasts.

“Cars are one of those things where people need to feel good about how the economy is performing,” Mr Roebuck said.

“I think [the economy] is a little soft, but we’ve got a lot of positives; lower interest rates are a good encouragement for consumers to replace their vehicles.”

Mr Roebuck has a bullish view of the Australian economy and believes it will improve in 2015. He said Carsales has had a strong start to the second half.

Assuming that market conditions remain the way they are, Mr Roebuck said revenue and EBITDA should “remain solid” during the June half, with net profit growing more moderately.

Carsales revenue jumped 34 per cent to $150.9 million in the six months to December, while earnings before interest, tax, depreciation and amortisation were up 15 per cent at $72.9 million.

Costs increased by 64.1 per cent over the first half, driven by a large increase in sales and marketing, as well as interest expenses.

The company increased its interim dividend from 14.7¢ to 16.2¢. It will be paid on April 15.

Profit growth was stunted by losses at iCarAsia, a business in which Carsales has a 20.3 per cent stake. iCar lowered Carsales’ net profit by $1.8 million, with its results down 122 per cent from the previous corresponding period. iCar is listed on the Australian Securities Exchange.

Carsales highlighted the opportunities for future earnings growth in its overseas markets, particularly Brazil and South Korea. Mr Roebuck said they had an eye out for further acquisitions and investment opportunities, including taking greater stakes in businesses they were already in.

During the half, Carsales completed the acquisition of Stratton Finance, with the company hoping to grow its earnings by providing finance for car purchasers. Carsales has added 20 staff to the Stratton business.

Credit Suisse analyst Fraser McLeish said that Carsales remains his top pick in online classifieds based on valuation.

Carsales shares are trading at 22.3 times forecast earnings.

“The result was a bit below consensus, but when you go through the revenue lines, really the weakness was through display advertising revenue, which is the one which is more cyclical and partly impacted by weakness in the advertising market,” Mr McLeish said.

“When you go through all the other revenue lines, they’re actually pretty solid. Importantly, they’re showing good revenue growth in their early stage offshore businesses.”

Carsales will also change its ASX ticker from CRZ to CAR, which was not available when the company listed.

This story Administrator ready to work first appeared on Nanjing Night Net.

Sponsored: Top 10 things to consider before a career change

This is sponsored content for Federation University Australia
Nanjing Night Net

Consider your choices carefully when making a career move. Getty images.

Once upon a time people stayed in the same job for life. For those of us in amodern workforce this would seem unthinkable and possibly inhumane.

In the dark old days the thought of a new job, let alone a full career change, was not even a consideration.

But in the current economy and job market people career hop constantly. Reasons peoplechange careers include:toincreaseincome, to work their way up the corporate ladder or a desire for greater job satisfaction.

Whatever yourreason, study our list of things to consider before making the move. There may be more work and thought required than you imagined, but this may be essential to your success.

Skills can be transferred from one industry to another. Getty images

1. Do an inventory on your experience

People often consider moving into an industry they have no knowledge of and haven’t worked in before. To catch the eye of recruiters in this instance you must seek to educate yourself on the industry as comprehensively as you can. You must also be able to tell the employers how your skills are transferrable from one industry to another. It may be that you require further training before moving into your industry of choice so be open to going back to study.

Know yourself, know your strengths, know your options. Getty images.

2. Identify your strengths

To find what area your employment potential lies in,you need to identify your strengths, what you enjoy, and what you’re good at. Getting to know yourself and your strengths will make you more confident and focused in your search for a new role. Career counsellors can also be extremely helpful in working out where your strengths lie and identifying what’s required to achieve your goals. If more training is required they can help pinpoint what courses are available.

Consider your reasons for a change in career. Getty image.

3. Clarify your need for change

The need for constant change can drive many people to continually seek new roles and careers. But changing career should be considered a monumental life step and not be taken lightly. If there are no compelling reasons to change your job or career then it may be best to remain in your current role. This is tied into your career goals. Set out what you want to accomplish by the move and always look twice before you leap.

Don’t leave your career choice up to chance or luck. Getty images.

4. Doing it for the right reasons

The pay packet offered by anew job can entice somepeople to make the switch,but don’t use this as your sole motivation. Even though the promise of a large pay rise may be tempting it is worth considering the full picture. Most employees report it is quality of life, andnot theirpay packet that ultimately determines their job satisfaction.

Identify what your values are to make a perfect career match. Getty images.

5. Work out what your values are

Your values and motivations in life should be a key consideration. Career satisfaction is often obtained when you are receiving personal satisfaction from your job.. What drives you? Is it doing good and helping others such as healthcare or teaching? Or are you more motivated by recognition and a role that gives a clear career trajectory?

The search may be long – stay focussed. Getty images.

6. Be focused

What you are considering is hard work and won’t be easy. It may be tiring and take some time to get the outcome you want so be resilient. Stay focusedabout where you use your energy and time. For any majorchange in your life, perseverance and determination will be required.

Make connections, network and build bridges to help your search. Getty images.

7. Build bridges

To pull off a drastic career change a solid network with contacts in many industries is a must. To fulfil a career dream, plan ahead and speak to people in the industry you want to move into before you start applying for jobs. Be adventurous and daring and let contacts know what you need. Real networking is about getting to know people and identifying who may be able to help you along your way. This will also give you the opportunity to get the real story of the industry you are targeting and see if it marries up with your fantasy.

8. Don’t be sucked-in by the flavour of the month

Its’s easy to be influenced by the latest industry trends. Jobs in these sectors are plentiful, pay well, and seem glamorous. If you are considering a role in a ‘hot industry’ also think about how it will fare once the honeymoon is over and whether you will still want to be there. Always consider if there is room for growth in your career of choice as you don’t want to be left at a dead-end.

Don’t be paralyzed by fear of the unknown. Getty images.

9. Rid yourself of blocks and insecurities

It is the rare person who does not have a fear or insecurity when it comes to their career. The trick is not to let them stop you from doing what you want to do. If something is stopping you from moving ahead identify it, confront it, and deal with it. Get help if you need to from a professional. Getting rid of the blocks will increase your energy and confidence levels.

A career change can mean starting from scratch again. Getty images.

10. Starting at the bottom

Changing careers can mean starting from the bottom of the ladder again. Be sure you are prepared to do this for your chosen career path. Consider this may mean losing your status and, at least to begin with, taking a pay cut. Can you afford to do this?

Top three tips:

1. Think about the reasons for the change – is it justified?

2. If it is a new field make sure you do plenty of research on the industry – leave no stone unturned.

3. Consider your quality of life. Sure the new job may pay more, but if that is because your employerexpects you to be on call 24/7 it may not be worth it.

See the first in the series -Sponsored: Hot jobs for 2015 and beyond

See the second in the series – Sponsored:Job success after a career break

See the third articlein the series – Sponsored: Recession proof your career

See the fourth article in the series – Sponsored: Top 10 things employers want

US Vice-President Joe Biden in new ‘creepy’ photo with wife of Defence Secretary Ashton Carter

The notoriously hands-on US Vice-President Joe Biden has renewed his claim as Washington’s most grabby politician after cameras captured him in a close encounter with the wife of the new Defence Secretary.
Nanjing Night Net

At a press conference for the swearing in of Ashton Carter as Secretary of Defence on Tuesday, Mr Biden gestured to Mr Carter’s wife, Stephanie, to join them on stage.

He placed his hands on her shoulders as he stood behind her.

Mr Biden kept his hands on her shoulders for almost 30 seconds as her husband thanked the Vice-President for swearing him in.

At one point, Mr Biden bent down and whispered into Mrs Carter’s ear in an almost-nuzzling gesture, which has since been shared across social media amid a storm of excoriating commentary and ridicule. RT @AboveTopSecret: Creepy #JoeBiden What are you up to with Stephanie Carter, wife of the new Secretary of Defense? pic.twitter南京夜网/l2bAhStCE0 — Rob Stockman (@HngOver) February 17, 2015

It is not known what the Vice-President said to Mrs Carter, but she remained straight-faced throughout the encounter.

Described by The Washington Post as “the world’s most powerful close talker”, this is not Mr Biden’s first foray into controversy for his overly intimate style.

In January, Mr Biden’s name circulated in headlines alongside the word “creepy” as a photograph of him grasping the arm of Maggie Coons, daughter of Senator Chris Coons, and leaning in to kiss her on the head, went viral on social media.  This video is like Mike Tyson going for Evander Holyfield’s ear https://t.co/yVJ8r1GTUm — Ben Shapiro (@benshapiro) January 7, 2015

In 2012, Mr Biden was courting voters in an Ohio diner when he motioned for a biker to sit in a chair in front of him before pulling his signature whisper move, as her friends watched on in visible discomfort.   Never forget when Biden snuggled with a biker chick. Still the greatest photo I’ve ever seen. pic.twitter南京夜网/ShmmmCUuOu — Cullen Hawkins (@SirCullen) December 8, 2014

This story Administrator ready to work first appeared on Nanjing Night Net.

Hot January extends run of record worldwide warmth

Jury is in on climate change: Brian SchmidtClimate change science for dummies
Nanjing Night Net

Worldwide temperatures are showing little sign of easing back from 2014’s record levels, with January matching the warmest tallies for the month in 125 years of data, according to the Japan Meteorological Agency.

The agency said average global surface temperatures last month were 0.29 degrees above the 1981-2010 average and 0.68 degrees above the average for the 20th century.

That reading tied with 2002 and 2007 as the warmest January in records going back to 1891, the agency said.

The next warmest was 2010, with an anomaly of 0.21 degrees above the 1981-2010 average.

The US space agency NASA ranked January as its second warmest on record, behind 2007. The NASA data, though, shows the 12 months ending in January were the hottest on record, according to science blogger Greg Laden.

The JMA last month joined NASA and the US National Oceanic and Atmospheric Administration (NOAA) and the World Meteorological Organisation in declaring 2014 to have been the hottest year on record, eclipsing 2005 and 2010.

For Australia, January was close to the long-term average in warmth while 2014 was the third-warmest year, trailing 2013 and 2005.

Even the US, which has attracted wide media attention for a string of winter snowstorms that have blitzed the north-eastern states, had a relatively warm January.

Record warm days in the lower 48 states exceeded record cold ones by more than a four-to-one ratio, NOAA reported recently, with national snow cover below average.

Average temperatures were 33 degrees Fahrenheit  (0.6 degrees Celsius), or almost 3 degrees Fahrenheit above the 20th-century average, making it the 24th warmest January on record for the contiguous US states.

El Nino fears

The unusual warmth has come even without an El Nino climate pattern forming in the Pacific. During El Nino years, ocean heat uptake slows or even reverses, warming the atmosphere and adding to the background run-up in temperatures caused by climate change, climatologists say.

Australia’s Bureau of Meteorology this week said sea-surface conditions in the tropical Pacific were neutral, easing back from a near-El Nino set-up during the previous two months.

Several long-range forecasting models “suggest some renewed warming may occur beyond May”, the bureau said, noting that predictions beyond the first quarter of the year “tend to be less reliable than those made at other times”.

Even taking that so-called predictability gap into account when conditions in the Pacific reset to some extent each autumn in the southern hemisphere, the bureau said “outlooks favour warm-neutral or El Nino-like ocean temperatures” beyond May.

An El Nino, should it occur later in the year, would most likely make 2015 one of the hottest years on record globally.

For Australia, an El Nino would probably lead to drier and hotter-than-usual conditions for much of the country.

This story Administrator ready to work first appeared on Nanjing Night Net.

Bali nine: Tony Abbott urges Indonesia to ‘reciprocate’ for Australia’s tsunami assistance and aid generosity

Australians on death row in Bali: Andrew Chan and Myuran Sukumaran. Photo: Anita Kesuma Australians on death row in Bali: Andrew Chan and Myuran Sukumaran. Photo: Anita Kesuma
Nanjing Night Net

Australians on death row in Bali: Andrew Chan and Myuran Sukumaran. Photo: Anita Kesuma

Australians on death row in Bali: Andrew Chan and Myuran Sukumaran. Photo: Anita Kesuma

Prime Minister Tony Abbott is urging Indonesia to remember the huge contribution Australia made in the aftermath of the 2004 tsunami and repay that generosity by sparing the lives of the two Australians on death row in Bali.

Mr Abbott’s comments, in which he sought to remind the Indonesian people of the Australian lives lost helping Indonesians cope with the natural disaster, marks the Australian government’s strongest response to the planned executions to date.

Mr Abbott said a short delay in Andrew Chan and Myuran Sukumaran’s planned executions was an “encouraging straw in the wind” but was no sign of clemency and warned there would be consequences if the pair are killed.

“We will be making our displeasure known, we will be letting Indonesia know in absolutely unambiguous terms that we will feel grievously let down,” he told reporters on the Gold Coast.

“Let’s not forget that a few years ago when Indonesia was struck by the Indian ocean tsunami, Australia sent a billion dollars worth of assistance,” he said.

“We sent a significant contingent of our armed forces to help in Indonesia with humanitarian relief and Australians lost their lives in that campaign to help Indonesia,” the Prime Minister reminded.

“I would say to the Indonesian people and to the Indonesian government, we in Australia are always there to help you and we hope that you might reciprocate in this way at this time,” he pleaded.

“We can’t just ignore this kind of thing,” he added.

Foreign Minister Julie Bishop welcomed the short reprieve granted to the two Australians on death row in Bali but warned Indonesia its foreign policy “runs the risk” of being seen through the “prism” of the death penalty.

Chan and Sukumaran were due to be transferred from Bali to a Nusakambangan island prison this week, an indication that they would soon face the firing squad.

But their transfer has been postponed.

Indonesia’s Attorney-General HM Prasetyo has told Fairfax Media the delay is to grant the pair more time with their families and not a sign a stay of execution will be granted.

His spokesperson Tony Spontana on Tuesday also admitted the Central Java island wasn’t prepared to handle the execution of so many people at once.

“This week, I think we can’t do the transfers because the isolation cells and other things are not ready,” he told reporters.

Later on Tuesday Indonesia’s Foreign Minister Rento Marsudi stressed the “drugs crisis” her country was facing, saying that the death penalty was a domestic “law enforcement” response and not a foreign policy position.

“Although we understand the position of the Australian government it should be underlined that this issue is purely a law enforcement issue,” she said.

Ms Bishop on Wednesday welcomed the delay and said it would be a relief for Chan and Sukumaran and their families.

But she said the death penalty was a foreign policy issue because Indonesia seeks mercy for its own nationals on death row around the world and the Foreign Minister was personally involved in making those pleas.

“Indonesia’s foreign policy runs the risk of being seen through this prism,” Ms Bishop told the ABC, admitting it had placed stress on the relationship describing it as “difficult”.

“We’re asking Indonesia to show the same mercy as they seek to be shown to their nationals who are on death row in other countries,” she said.

Ms Bishop said the government would not give up hope the pair’s execution could be stayed but threatened diplomatic repercussions.

“There are a number of options available to us particularly in diplomatic circles and we will consider all those options but our sole focus at the moment is on getting a stay of execution,” she said.

“We will not give up hope while we continue to engage across the Indonesian government.”

Ms Bishop again urged the Indonesian government from taking any steps until Chan and Sukumaran’s appeal against their rejected clemency bid which is slated for February 24.

with AAP

Follow us on Twitter

Follow Latika Bourke on Facebook

This story Administrator ready to work first appeared on Nanjing Night Net.

Cricket World Cup 2015: Darren Lehmann says tournament is too long

Australian coach Darren Lehmann has claimed that the breaks between his team’s matches at the World Cup are too long, suggesting that the tournament could be “condensed”.
Nanjing Night Net

Lehmann’s side are in the middle of a seven-day gap between their opening pool game against England, and their next match against Bangladesh in Brisbane on Saturday. The team’s third clash – against New Zealand in Auckland – is a further week later, with breaks of four days, four days and six days scheduled between their last four encounters during the preliminary stage.

The group phase of the event spans 30 days, although just 42 matches will be played across Australia in New Zealand in that period.

Lehmann, looking to become the fourth man to coach Australia to World Cup triumph argued that the gaps were excessive.

“I think we can condense the tournament a little bit to be honest. A week in between is a long time,” Lehmann told SEN on Wednesday morning.

“I’m not sure how they do it with all the media rights and all that.”

Lehmann acknowledged, however, that the spread-out schedule ensured teams would not need to rest players from games.

With captain Michael Clarke set to return against the Tigers, and all-rounder Mitch Marsh firing, Lehmann was asked whether Shane Watson was at risk of being squeezed from the Australian line-up. Lehmann said he wanted his entire squad fit and firing, which would in turn lead to selection dilemmas.

“Mitchell Marsh doing really well, that puts pressure not just on Shane Watson but a lot of people.

“With Michael coming back, if he’s fit he’s going to play so we’re going to have to make a tough decision.”

The coach said he was conscious of the widespread criticism directed at Watson, but that ultimately Australia would pick its best side for each game of the campaign.

“But at the end of the day you have to make the right call for that particular game. Bangladesh on Saturday, that’s what we’re focused on and we’ll work out what the best XI is.

“With overcast conditions we might play a different way, and it depends on the wicket.”

This story Administrator ready to work first appeared on Nanjing Night Net.

Toll Holdings recommends Japan Post takeover bid at $9.04 per share

Toll Holdings’ board has recommended investors accept a cash takeover bid worth $9.04 per share from Japan Post, valuing Australia’s largest logistics company at $6.5 billion.
Nanjing Night Net

The deal will give former Toll boss Paul Little a windfall of some $340 million.

Japan Post’s offer represents a 49 per cent premium to Toll’s closing price on Tuesday of $6.08. Toll shareholders will also receive a fully franked interim dividend of 13 cents per share.

Confirmation of the dealcomes after The Australian Financial Reviewrevealed the news of the impending dealon Tuesday night.

The acquisition of Toll is part ofJapan Post’sstrategy to become a leading global logistics company, with Toll becoming a division within Japan Post and retaining the Toll name.

Toll Holdings chief executive Brian Kruger will report to Japan Post’s CEO, Toru Takahashi. Picture: Luis Ascui

“Together, this will be a very powerful combination and one of the world’s top five logistics companies,” said Toll chairman Ray Horsburgh.

Toll management will remain in place with chief executive Brian Kruger reporting to Japan Post CEO Toru Takahashi.

Mr Takahashi said the partnership with Toll would start “a new chapter of looking outward” for Japan Post and would be a “transformational transaction” for both parties.

The bid implies an enterprise value of $8 billion for Toll, including $1.53 billion of net debt.

Toll was founded in Newcastle in 1888 by Albert Toll, who hauled coal by horse and cart before acquiring trucks. In the mid-1980s, the trucking group, originally named AF Toll, was bought out by its management team, led by Paul Little, who embarked on a series of acquisitions in Australia and Asia, listing the company on the Australia Securities Exchange in 1993.

Headquartered in Melbourne, Toll now provides parcel courier, freight transport and warehousing services in more than 50 countries.

Mr Little, who ran the company for 25 years and still owns 5.2 percent of Toll, said he supported the takeover bid.

Businessman Paul Little, who led a management buyout of Toll thirty years ago and ran the company until the end of 2011, stands to make a sizeable profit from the deal. Picture: Josh Robenstone

“It’s a positive and exciting opportunity for Toll,” Mr Little said, adding the deal would allow the company to expand its Asian footprint. “Japan Post are a very large, very strong, very reputable group that are about to be IPO-ed in their own right.”

Mr Little, already one of Australia’s wealthiest people with a net worth of $820 million, will make some $340 million from the deal.

Mr Kruger, who took over from Mr Little at the start of 2012 and owns 147,870 shares, will make $1.3 million.

Japan Post, which is planning an initial public offering in the next 12 months,wants to expand internationallyto diversify away from the country’s domestic postal market, which is shrinking due to a falling population and increased use of the Internet. It already has a business alliance with France’s GeoPost and Hong Kong’s Lenton Group.

The Japanese company, which provides postal, banking and insurance services and generates $8.8 billion in annual revenues, said it would position Toll as a “platform for cultivating global business”, leveraging its expertise to expand Japan Post’s global logistics operations and sales.

It also plans to use Toll’s experience in mergers and acquisitions to “step up” acquisitions throughout Asia, Europe and North America.

The deal comes as Toll reporteda 22 per cent fall in net profit to $136.6 millionbecause demand for its logistics services fell in Australia amid the economic slowdown.

Anthony Moulder, equity analyst at Citigroup, said investors should accept the offer given the pressures facing Toll’s business, describing it as “a clear win” for shareholders.

“We do not expect a competing offer, nor any increase from Japan Post,” Mr Moulder said.

Toll’s board has unanimously recommended investors accept the offer. A shareholder meeting to vote on the offer will be held in May after the company has hired an independent expert to review the proposal.

The acquisition will be undertaken through a scheme of arrangement, meaning it will require 75 per cent of the shares voted at the meeting cast in favour of the proposal for the deal to go through.

The deal will also require regulatory approval from Australia’s Foreign Investment Review Board.

Japan Post expects to complete the takeover in early June.

This article first appeared on smh’sBusinessDay.

Not so Little: Meet the $340m winner in Japan Post’s takeover of Toll

Toll Holdings chief executive Brian Kruger will report to Japan Post’s CEO, Toru Takahashi. Photo: Luis Ascui Toll Holdings chief executive Brian Kruger will report to Japan Post’s CEO, Toru Takahashi. Photo: Luis Ascui
Nanjing Night Net

Toll Holdings chief executive Brian Kruger will report to Japan Post’s CEO, Toru Takahashi. Photo: Luis Ascui

Toll Holdings chief executive Brian Kruger will report to Japan Post’s CEO, Toru Takahashi. Photo: Luis Ascui

Businessman Paul Little, who led a management buyout of Toll thirty years ago and ran the company until the end of 2011, stands to make a sizeable profit from the deal. Photo: Josh Robenstone

Toll Holdings’ board has recommended investors accept a cash takeover bid worth $9.04 per share from Japan Post, valuing Australia’s largest logistics company at $6.5 billion. The deal will give former Toll boss Paul Little a windfall of some $340 million.

Japan Post’s offer represents a 49 per cent premium to Toll’s closing price on Tuesday of $6.08. Toll shareholders will also receive a fully franked interim dividend of 13 cents per share.

Confirmation of the deal comes after The Australian Financial Review revealed the news of the impending deal on Tuesday night.

The acquisition of Toll is part of Japan Post’s strategy to become a leading global logistics company, with Toll becoming a division within Japan Post and retaining the Toll name.

“Together, this will be a very powerful combination and one of the world’s top five logistics companies,” said Toll chairman Ray Horsburgh.

Toll management will remain in place with chief executive Brian Kruger reporting to Japan Post CEO Toru Takahashi.

Mr Takahashi said the partnership with Toll would start “a new chapter of looking outward” for Japan Post and would be a “transformational transaction” for both parties.

The bid implies an enterprise value of $8 billion for Toll, including $1.53 billion of net debt.

Toll was founded in Newcastle in 1888 by Albert Toll, who hauled coal by horse and cart before acquiring trucks. In the mid-1980s, the trucking group, originally named AF Toll, was bought out by its management team, led by Paul Little, who embarked on a series of acquisitions in Australia and Asia, listing the company on the Australia Securities Exchange in 1993.

Headquartered in Melbourne, Toll now provides parcel courier, freight transport and warehousing services in more than 50 countries.

Mr Little, who ran the company for 25 years and still owns 5.2 percent of Toll, said he supported the takeover bid.

“It’s a positive and exciting opportunity for Toll,” Mr Little said, adding the deal would allow the company to expand its Asian footprint. “Japan Post are a very large, very strong, very reputable group that are about to be IPO-ed in their own right.”

Mr Little, already one of Australia’s wealthiest people with a net worth of $820 million and chairman of the AFL football club Essendon, will make some $340 million from the deal.

Mr Kruger, who took over from Mr Little at the start of 2012 and owns 147,870 shares, will make $1.3 million.

Japan Post, which is planning an initial public offering in the next 12 months, wants to expand internationally to diversify away from the country’s domestic postal market, which is shrinking due to a falling population and increased use of the Internet. It already has a business alliance with France’s GeoPost and Hong Kong’s Lenton Group.

The Japanese company, which provides postal, banking and insurance services and generates $8.8 billion in annual revenues, said it would position Toll as a “platform for cultivating global business”, leveraging its expertise to expand Japan Post’s global logistics operations and sales.

It also plans to use Toll’s experience in mergers and acquisitions to “step up” acquisitions throughout Asia, Europe and North America.

The deal comes as Toll reported a 22 per cent fall in net profit to $136.6 million because demand for its logistics services fell in Australia amid the economic slowdown.

Anthony Moulder, equity analyst at Citigroup, said investors should accept the offer given the pressures facing Toll’s business, describing it as “a clear win” for shareholders.

“We do not expect a competing offer, nor any increase from Japan Post,” Mr Moulder said.

The Transport Workers Union said it is seeking an urgent meeting with management to discuss the implications of the deal for Toll’s 40,000 workers, and gain assurances that Australian jobs are safe.

“We do note that the move will allow Toll management to keep their jobs,” the union said. However, “nowhere in the statement from Toll Holdings is there any mention of what the takeover would mean for workers.”

Japan Post’s chief executive told a press conference the company was planning on keeping all existing Toll workers.

Toll’s board has unanimously recommended investors accept the offer. A shareholder meeting to vote on the offer will be held in May after the company has hired an independent expert to review the proposal.

The acquisition will be undertaken through a scheme of arrangement, meaning it will require 75 per cent of the shares voted at the meeting cast in favour of the proposal for the deal to go through.

The deal will also require regulatory approval from Australia’s Foreign Investment Review Board.

Japan Post expects to complete the takeover in early June.

This story Administrator ready to work first appeared on Nanjing Night Net.

Radovan Pavicevic signs on for two years

Picture: Dean OslandYOUNG Jet Radovan Pavicevic will remain with the club for the next two years after signing his first professional contract.
Nanjing Night Net

Pavicevic, 19, has made an impressive start to life as a Hyundai A-League player, scoring in just his second senior appearance against Brisbane Roar in round 16, before making an impact off the bench in the side’s round 17 draw against Western Sydney Wanderers.

It has been a significant turn around for the youngster, whojust last year fractured his arm while playing for the club’s youth team in the Northern New South Wales National Premier League.

The injury meant Pavicevic required a plate and 12 screws to be inserted into his arm, and forced him into a lengthy lay-off leading into the current campaign.

Pavicevic said “hard work” was the key to winning a place in the club’s future plans.

“I had to work hard to get through my arm injury and to get back to where I was playing before,” Pavicevic said. “I think I have gone past where I was before, so it feels good to be offered a contract.”

“Every kid wants to grow up and play in front of thousands of people, so it feels good,” he said.

The club’s reigning National Youth League Player of the Year added that he wouldn’t have put pen to paper at the Jets unless he thought that the future at the club was bright.

“I wouldn’t have signed if I didn’t think the club wasn’t going anywhere and if I didn’t think it would take me anywhere. You can see from the last couple of games that we have taken a step forward and I think it’s only going to get better,” he added.

Jets Head Coach Phil Stubbins believes Pavicevic has plenty of development left in his game, and wants Newcastle to help him excel.

“He’s a champion kid with the right attitude, he works hard, he’s a team player, and he’s showing all the traits that you want from a young player coming through your football club.”

“Radovan’s got a long way to go and there is no pressure on him. We want to try and provide an environment that helps him reach his full potential and allows him to go on to bigger and better things,” Stubbins said.