CORRECTED: Japan Post to sell part of Australia's Toll logistics for $6.5 mil.

Economy Society

Japan Post Holdings Co. said Wednesday it will sell the struggling cargo delivery division of its Australian logistics subsidiary Toll Holdings Ltd. for about 700 million yen ($6.5 million) to local investment fund Allegro Funds Pty Ltd. The envisaged sale of the Toll Global Express segment, which provides cargo shipment services in Australia and New Zealand, is expected to be completed by the end of June after regulatory approvals in both nations, Japan Post said. Japan Post is expected to book a special loss of 67.4 billion yen in the business year that ended in March due mostly to an impair...

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