Toll Holdings’ hostile A$4.6bn (US$3.5bn) takeover bid for domestic transport rival Patrick Corporation will be decided in Australia’s federal court later this year after Toll on Wednesday broke off talks with the country’s competition regulator.

Last week the Australian Competition and Consumer Commission rejected Toll’s bid for Patrick, ruling that a merger of Toll’s road and rail operations and Patrick’s ports, rail and air divisions would substantially lessen competition across the country’s transport sector. The combined group would have boasted annual revenues of A$7bn.