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Japan Post flexed its muscles with a $5.07 billion takeover bid for Australia's Toll Holdings Wednesday in a move set to bolster its appeal ahead of what could be one of the world's biggest IPOs later this year. The behemoth, a state-owned global postal and logistics player, unexpectedly offered Aus$9.04 a share for Toll, a 49 percent premium to the company's closing price on Tuesday, valuing it at Aus$6.49 billion (US$5.07 billion). Under the proposal, the Melbourne-based transport logistics giant will be run as a division within Japan Post and retain the Toll name, with the company's chief executive Brian Kruger reporting to his counterpart Toru Takahashi. Toll has a global network spanning road, air, sea, and rail routes with significant operations in Asia, and Takahashi said it was a perfect fit for Japan Post as it looks to expand its international footprint.
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