Australia's FleetPartners hits over 8-1/2-year high as bidding war heats up

Element Fleet Management

12/08/2026 01:36

** Shares of Australia's FleetPartners FPR.AX rise as much as 6.7% to A$4.130, their highest level since December 28, 2017
** Vehicle-leasing firm receives higher takeover offer from Pacific Equity Partners-backed SG Fleet and a separate bid from Japan's ORIX Corp 8591.T 
** SG Fleet raises its bid to A$4.00 per share, valuing FleetPartners at about A$844.8 million ($596.77 million)
** ORIX makes A$3.80-a-share offer, valuing FPR at roughly A$802.5 million, a 9.5% premium to the closing price on Friday
** FleetPartners rejects Canada's Element Fleet Management's EFN.TO request for exclusive talks
** Co said on Monday Element unveiled indicative proposal of A$3.80 per share, and said it would raise the offer to A$4.00 per share if FPR agreed to a three-week exclusivity period
** Stock up nearly 45% this year, including the day's move


($1 = 1.4156 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))