Australia Post welcomes ACCC's decision on StarTrack02 November 2012
Australia Post has welcomed the public notification from the Australian Competition and Consumer Commission (ACCC) that it will not oppose Australia Post's plans to acquire Qantas' 50 per cent interest in StarTrack.
Australia Post Managing Director and CEO Ahmed Fahour said:
"The acquisition forms part of a $2 billion investment in Australia Post's national logistics and retail network and StarTrack is a key strategic investment, offering significant express freight capabilities that complements our international and domestic parcels business.
"Together, Australia Post and StarTrack will offer a broad range of products to consumers, small-and-medium enterprises and larger businesses."
Australia Post already owns 50 per cent of StarTrack and has been involved in the joint venture with Qantas since 2003. This deal would make Australia Post the sole shareholder in Australia's leading express freight and logistics provider.
As part of the transaction, Australia Post will divest its 50 per cent interest in Australian air Express to Qantas as this business is no longer considered a core investment for Australia Post.
The basis upon which the ACCC has reached its decision is outlined on the ACCC's website www.accc.gov.au.