Patrick Steamship Co was founded in 1919 by James Patrick. It operated a shipping service with the SS Timaru out of Sydney along the East Coast of Australia. By 1925 it was operating as both a shipping line and stevedore, gradually expanding interstate.[1] The shipping operations were sold to Howard Smith Limited.[2]
Patrick was one of the main parties in the 1998 Australian waterfront dispute. In Patrick Stevedores Operations No 2 Pty Ltd v Maritime Union of Australia, Patrick was found to have illegally dismissed its workforce.[3] After a corporate restructure,[4] in Apr. 1998, the company had fired its entire workforce on the docks in Australia, and replaced them with a non-unionised workforce that had been trained in Dubai, resulting in controversy and picketing.[5]
In August 2005, Toll Holdings launched a hostile takeover bid for Patrick Corporation.[13] In January 2006, the Australian Competition & Consumer Commission (ACCC) announced it would not allow that Toll to takeover Patrick Corporation.[14] However, in March 2006, after the ACCC announced it would allow the takeover after Toll gave further undertakings including disposing of its 50% shareholding in Pacific National.[15][16]
In April 2006, Patrick Corporation agreed to accept Toll's revised bid for the company after spending nine months fighting the hostile takeover.[17][18] Having gained a 90% shareholding in May 2006, Toll was able to compulsorily purchase the remaining shares and delist the company from the Australian Securities Exchange.[19][20]
^Farquar, Ian (2002). Howard Smith Shipping: Enterprise & Diversity 1854-2001. Caulfield South: Nautical Association of Australia. pp. 31/32. ISBN0959907955.