Patrick Corp wants out of joint venture

Stevedore Patrick Corp will start legal action to break up its joint-venture rail operation, Pacific National.

Patrick owns 50 per cent of Pacific National. Toll Holdings, which has made a hostile A$4.6 billion ($5 billion) takeover bid for Patrick, owns the other 50 per cent.

"There has been a total breakdown in the relationship between the shareholders, Patrick and Toll, and in particular a complete loss of confidence and trust by Patrick in Toll," Patrick said.

"Patrick Corporation intends to apply to the Supreme Court of Victoria for relief under section 461 of the Corporations Act to wind up Pacific National on the just and equitable ground.

"The application is expected to be filed this week."