AS Kerry Stokes' long-time lieutenant Peter Gammell tells it, the WesTrac mining and construction equipment business owned by his close friend has long been a source of envy.
Envy from other dealers of Caterpillar machinery that can only wish their territories were as lucrative as those WesTrac controls in Western Australia, NSW and north-eastern China. And envy from members of the investment community unable to gain exposure to the returns the business has delivered, reports The Australian Financial Review.
"If you were to ring up half a dozen investment banks, I think to a man they would have said. 'I've always tried to find a way to get Kerry Stokes to list his crown jewels'," Mr Gammell said.
Yesterday the first steps were taken towards WesTrac becoming part of a public company of which Mr Gammel will be chief executive.
If Seven's minority shareholders approve the $2 billion acquisition of WesTrac, the company will join North America's Finning International and Toromont Industries as the only listed Caterpillar dealers in the world.
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