Canberra OKs Patrick-FCL merger

CANBERRA, Australia, April 13 (UPI) -- Australian regulators OK'd industrial conglomerate Patrick Corp.'s purchase of Melbourne-based FCL Interstate Transport.

That, in turn, gives Patrick's executives a substantially stronger case for convincing its shareholders to reject a $5.3 billion takeover offer from suitor Toll Holdings Ltd., which competes with Patrick in the freight-forwarding business, The Age newspaper reported Thursday.

The Australian Competition and Consumer Commission approval depends on Patrick breaking up Pacific National and taking half of PN's assets, creating two significant independent rail competitors.