French shipping firm CMA CGM to buy UK logistics company Wincanton for $719 mln (updated)
19/01/2024 07:40
(Adds details of deal in paragraphs 2 and 3)
Jan 19 (Reuters) - CEVA Logistics, a unit of French
shipping group CMA CGM, said on Friday it would buy British
logistics firm Wincanton WIN.L in an all-cash deal worth
nearly 600 million pounds (about $719 million).
The 450 pence-per-share offer represents a premium of 52% to
the Wincanton stock's closing price of 297 pence on Thursday,
according to a joint statement from the two companies.
Marseille, France-based CEVA said the acquisition would
expand its offering in contract logistics in the UK and Ireland,
utilising the British company's expertise in partnering with
grocers and retailers.
Wincanton said its board intends to unanimously recommend
that its shareholders vote in favour of the deal.
Wincanton is active across a wide range of markets from
food and consumer goods to fuel and defence, and operates from
more than 170 sites.
The acquisition is being done by CEVA through a
newly-formed entity CEVA Logistics UK Rose Ltd.
($1 = 0.7886 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Subhranshu Sahu and Savio D'Souza)
((abyjose.koilparambil@thomsonreuters.com))