UPDATE 2-Australia's Toll to buy HK freight firm Baltrans

(Adds details, share price move)

SYDNEY, Dec 20 (Reuters) - Australian logistics firm Toll Holdings Ltd (TOL.AX: Quote, Profile, Research, Stock Buzz) said it wants to buy Hong Kong freight company Baltrans Holdings 0562.HK for about A$365 million ($313 million) as part of an expansion in Asia, propelling Baltrans' shares to a record high on Thursday.

Toll, the largest listed air freight and logistics firm in Asia Pacific by market value, is offering HK$7.60 a share, rising to HK$7.75 a share if it gets 90 percent acceptance. The higher price values Baltrans at about $313 million.

Baltrans' shares surged more than 40 percent to an all-time peak of HK$7.70, while Toll shares fell 3 percent to A$11.64 by 0440 GMT. Baltrans' founding shareholders controlling about 44 percent of the issued equity have accepted the offer, Toll said.

"Baltrans is a key element of our Asian growth strategy and provides a global freight forwarding network from its strong Asian base," said Toll Managing Director Paul Little.

Spurred by booming international trade, freight and logistics companies have been enjoying strong growth in the Asia-Pacific region. China Post Logistics, the country's largest logistics firm plans to raise at least $2 billion in a Hong Kong and Shanghai stock market listing next year, sources told Reuters on Wednesday. [nHKG318003]

Toll said Baltrans, with annual revenue of about A$690 million, is one of the largest Asia-based freight and logistic companies with a network spanning across Asia Pacific, North America, Europe, Africa and Middle East.

The combined firms would have annual revenues outside of Australia and New Zealand of more than A$1.2 billion, or more than 20 percent of Toll's revenues, excluding those from its holding in Australian airline Virgin Blue.

Toll said the offer was at a 41 percent premium to Baltrans' last traded share price.

Toll will use existing debt facilities to fund the acquisition, which is expected to boost earnings for Toll in the first full financial year. ($1=A$1.16) (Reporting by Victoria Thieberger; Additional reporting by Judy Hua in HONG KONG; Editing by Lincoln Feast)