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Tensions between Toll Holdings and its takeover target Patrick Corporation appear to have spilled over into a board meeting for their joint rail venture Pacific National.
Patrick rejected a $4 billion takeover bid by Toll.
Patrick's managing director Chris Corrigan has signalled that today's Pacific National board meeting would discuss a possible break-up of the joint venture.
After four-and-a-half-hours of talks, a Patrick spokesman says the operation remains intact but it was not a successful day.
Patrick says nine-out-of-10 resolutions were defeated, the parties were unable to agree on the best method of appointing a new chief executive or sign-off on the full-year accounts.
Toll was more upbeat.
In a statement, the company says $9 million in capital expenditure was approved at the meeting and Pacific National continues to operate effectively.
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