The dissolution of the Pacific National (PN) rail joint venture looks to be a certain consequence of the Toll/Patrick takeover battle, with relations between the shareholders collapsing completely and company governance becoming dysfunctional.
A December 13 board meeting was to consider, amongst other things, a job extension offer to chief executive Stephen O’Donnell, who had been serving out notice after resigning, citing bullying by Toll directors. However Toll board representatives blocked O’Donnell’s re-engagement, claiming he had sided with Patrick in confidential evidence given after subpoena to the ACCCs inquiry into Toll’s hostile takeover bid for Patrick....
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This complete item is approximately 315 words in length, and appeared in the January 2006 issue of WorldCargo News, on page 13.
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