In July 2003 the Treasury released information relating to the deal between the Government and Toll holdings made on 7 July 2003.
On 7 July 2003 the Government announced that it had negotiated a deal with Toll Holdings under which the Crown would regain ownership of the track for $1 and both parties would commit to rebuilding the rail network should Toll succeed in its bid for Tranz Rail.
The Treasury has released background information relating to the deal which includes a Summary of the Heads of Agreement between the Government and Tranz Rail.
Read the Minister of Finance, Hon Dr Michael Cullen's media statement on the Beehive website: Govt-Toll reach accommodation on Tranz Rail (7 July 2003).
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