We don't need to dilute, or as some people say pollute, by merging our business with a road freight-forwarding business,

If you look at Toll as a business, it's a primarily a road-based, freight forwarding business,

Toll has negotiated for itself a 20-year contract which gives it exclusive rights to all of the freight carried by Pacific National in Queensland,

I'm talking about business ethics here,

We've been working on this for months, but this is the first step for consumers. They are merging into our network and into our rate plans. The next step will be changes in billing and in the name of the company. That won't happen until sometime next year.

well into an investment cycle that should lead to long-term consistent growth from a stable of high quality strategic businesses.