Germany's Linde launches sale of logistics unit Gist (updated)
07/01/2016 16:29
(Adds valuation)
By Arno Schuetze and Emiliano Mellino
FRANKFURT/LONDON, Jan 7 (Reuters) - Germany's Linde
LING.DE is launching the sale of its temperature-controlled
logistics unit Gist in deal potentially worth more than $875
million, as it streamlines its operations to focus on its core
industrial gases operations, two people familiar with the matter
said.
Linde has mandated Morgan Stanley MS.N to find a buyer for
the unit with 570 million euros ($618 million) in 2014 sales and
is planning to send out first information packages to
prospective bidders by the end of the month, they added.
Linde and Morgan Stanley declined to comment.
Linde had earmarked Gist for sale in March last year, when
Chief Executive Wolfgang Buechele had said that the unit, which
delivers cooled food and beverages mainly in the United Kingdom,
was no longer considered 'core business'. urn:newsml:reuters.com:*:nL6N0WI1RE
The company is expected to shop Gist to logistics players
such as Deutsche Post DPWGn.DE , UPS UPS.N , Kuehne+Nagel
KNIN.VX , Logwin TGHG.DE , Imperial IPLJ.J as well as
private equity groups.
One of the sources said that Linde is hoping to reap a price
above 600 million British pounds ($875 million).
The logistics sector has been very active in the last year.
FedEx's FDX.N purchase of Dutch package delivery firm TNT
Express TNTE.AS for 4.4 billion euros grabbed headlines in
April. urn:newsml:reuters.com:*:nL3N0X40SF
Separately, XPO Logistics XPO.N announced it will acquire
France's Norbert Dentressangle GNDP.PA , French rail company
SNCF sold its subsidiary Geodis to Ozburn-Hessey Logistics and
Denmark's DSV Group agreed to acquire UTi Worldwide UTIW.O .
Tentative bids for Gist, whose key customers include British
retailer Marks and Spencer MKS.L , are due in the first
quarter, the sources said.
($1 = 0.9219 euros)
($1 = 0.6864 pounds)
(additional reporting by Alexander Hübner; Editing by Katharine
Houreld)
((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters
Messaging: arno.schuetze.reuters.com@reuters.net))
Keywords: LINDE GIST/SALE