Patrick Corporation
IndustryLogistics
Founded1919
FounderJames Patrick
Headquarters
Melbourne
,
Australia
Area served
Australia
ParentBrookfield Asset Management (50%)
Qube Holdings (50%)
Websitewww.patrick.com.au

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.

History

Patrick Corporation container crane at Port Botany

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]

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] After a corporate restructure,[4] in Apr. 1998, the company had fired its entire workforce on the docks in Australia, and replaced them with a non-unionised workforce that had been trained in Dubai, resulting in controversy and picketing.[5]

In 2000 Patrick Corporation took over Holyman.[6][7] In February 2002, in partnership with Toll Holdings, it acquired a 50% shareholding in Pacific National that purchased FreightCorp and the National Rail Corporation.[8][9] In March 2002, Patrick acquired a 50% stake in Virgin Blue.[10][11] It took control of the airline in March 2005, ultimately having a 63% shareholding.[12][13]

In August 2005, Toll Holdings launched a hostile takeover bid for Patrick Corporation.[13] In January 2006, the Australian Competition & Consumer Commission (ACCC) announced it would not allow that Toll to takeover Patrick Corporation.[14] 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.[15][16]

In April 2006, Patrick Corporation agreed to accept Toll's revised bid for the company after spending nine months fighting the hostile takeover.[17][18] 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.[19][20]

In June 2007, Patrick Corporation and Pacific National were spun-off from Toll Holdings as Asciano.[21] As part of the break up of Asciano, a consortium of Brookfield Asset Management and Qube Holdings purchased Patrick in August 2016.[22][23] The Bulk and Automotive Port Services business was sold separately as the Linx Cargo Care Group.[24]

References

  1. ↑ History Patrick Corporation
  2. ↑ Farquar, Ian (2002). Howard Smith Shipping: Enterprise & Diversity 1854-2001. Caulfield South: Nautical Association of Australia. pp. 31/32. ISBN 0959907955.
  3. ↑ How the waterfront dispute 20 years ago changed Australia 7:30 6 April 2018
  4. ↑ https://www.smh.com.au/politics/federal/20-years-on-war-on-the-waterfront-20180406-h0yfqz.html
  5. ↑ https://www.theage.com.au/technology/battle-on-the-waterfront-20070512-ge4vby.html
  6. ↑ Takeover Offer Document to shareholders (Ord shares) Lang Corporation 21 October 1999
  7. ↑ Changes to Holyman Board/Compulsory Acquisition Holyman 30 December 1999
  8. ↑ Freightcorp and National Rail Corporation sold to National Rail Consortium for one billion dollars ABC News 31 January 2002
  9. ↑ Toll and Lang win NRC/FC Railway Gazette International March 2002 page 112
  10. ↑ Patrick deal boost for Virgin Blue. CNN. 11 March 2002
  11. ↑ Virgin Blue And Patrick Forge New Aviation Partnership Virgin Blue 12 March 2002
  12. ↑ Patrick seizes control of Virgin Blue Australian Financial Review 19 March 2005
  13. 1 2 Patrick knocks back takeover bid. ABC News. 22 August 2005
  14. ↑ Toll Holdings Ltd Australian Competition & Consumer Commission
  15. ↑ Toll Holdings Ltd – proposed acquisition of Patrick Corporation Ltd Australian Competition & Consumer Commission
  16. ↑ ACCC accepts revised undertakings from Toll in relation to proposed acquisition of Patrick Australian Competition & Consumer Commission
  17. ↑ Patrick accepts Toll takeover. ABC News. 14 April 2006
  18. ↑ Game over: Toll takes Patrick The Sydney Morning Herald 14 April 2006
  19. ↑ Toll gains more than 90% of Patrick & will proceed with compulsory acquisition Toll Group 24 May 2006
  20. ↑ Patrick Corporation Limited: Removal from Official List Australian Securities Exchange 3 July 2006
  21. ↑ New Structure Asciano
  22. ↑ Brookfield Infrastructure Consortium to Acquire Assets of Asciano Limited Brookfield 14 March 2016
  23. ↑ Qube Brookfield consortium completes acquisition of Patrick Qube Holdings 18 August 2016
  24. ↑ About Linx Cargo Care Group
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