FleetPartners powers to 8-1/2-year high as ORIX, SG Fleet dial up takeover race (updated)

Element Fleet Management

12/08/2026 24:52

Japan's ORIX offer at 34.3% premium
SG Fleet raises bid by 20 AU cents
Co rejects Element exclusivity request
FleetPartners' shares score December-2017 high
Recasts paragraph 1, updates with shares moves, details, background and analyst view
By Roshan Thomas and Nikita Maria Jino
Aug 12 (Reuters) - FleetPartners FPR.AX said on Wednesday it had received a takeover bid from Japan's ORIX 8591.T alongside a sweetened offer from Pacific Equity Partners-backed SG Fleet, sending shares of the vehicle lease provider to an eight-year high.
Shares of the Melbourne-headquartered firm surged as much as 6.7% before closing up 5.9% at A$4.1, their strongest level since late December 2017. That brings the stock's gains to more than 40% since the first takeover approach for the firm was revealed last week.
The fresh approaches underscore sustained interest in Australian-listed companies from foreign acquirers and private equity firms, particularly in financial services space. 
Notable deals include EQT AB's EQTAB.ST pursuit of asset manager Perpetual, a U.S. consortium's bid for investment broker Steadfast SDF.AX and CC Capital Partners's takeover of financial services provider Insignia Financial last year.

"FleetPartners is the last pureplay leasing and financing business left on the ASX including fleet management services... FPR is better positioned for new entrants looking to have an established foothold in the Australian market," said Cameron Curko, CIO at Pitcher Partners.
Japanese financial services firm ORIX Corp offered A$3.80 per share for FleetPartners, representing a 34.3% premium to the stock's last close on July 31.
Concurrently, the company said SG Fleet raised its bid by 20 Australian cents to A$4 per share, now valuing the firm at A$844.8 million ($596.09 million).
The fresh approaches escalated a contest for FleetPartners days after Element Fleet Management EFN.TO unveiled an indicative proposal of A$3.80 per share. The Canada-based firm added that it would raise its offer to A$4 if FleetPartners agreed to a three-week exclusivity period, which the company has rejected.
"(FleetPartners') current market value is still below where it sat in March 2024, let alone its record peak in 2017 at A$1.356 billion. Given the number of interested parties, management may look to drag out further, higher bids in the coming weeks," Curko added.
FleetPartners said its board was evaluating the proposals from Element, SG Fleet and ORIX, but cautioned there was no certainty that any would result in a transaction.
         
   ($1 = 1.4172 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru; Editing by Shilpi Majumdar and Sherry Jacob-Phillips)
 ((Roshan.Thomas@thomsonreuters.com;))