The French shipowner CMA CGM announced on Friday an agreement to buy the British logistics solutions company Wincanton for a value of around 566.9 million pounds (about 660 million euros).
“Ceva Logistics, a subsidiary of CMA CGM, announced today that it had reached an agreement with the board of directors of Wincanton” on an offer “at 450 pence per share,” the French announced in a statement on Friday.
London-listed Wincanton is “a leading, trusted supply chain partner for UK and Irish businesses”. It employs 20,300 people at more than 170 sites and has 8,500 vehicles, CMA CGM said.
“A strategic region”
“Wincanton responds perfectly to the CMA CGM group’s ambition to expand its presence in this strategic region,” said Rodolphe Saadé, president and CEO of the group, in a statement.
The announcement caused Wincanton shares to soar on the London Stock Exchange, which rose 46.80% to 436 pence shortly after opening.
Wincanton’s board “unanimously recommends that shareholders … vote in favor of the project,” according to a separate press release published on the London Stock Exchange.
“Context of macroeconomic uncertainty”
“While Wincanton’s board is very confident in the long-term prospects of the business as an independent listed company, it has considered the attractiveness to shareholders” of CMA CGM’s bid “in the context of near-term macroeconomic uncertainty.”
Wincanton’s board of directors states that it “received and rejected several unsolicited proposals from CMA CGM over a period of several weeks”, considered insufficient, but the accepted offer “represents a significant premium” compared to the level of British shares in the bag. London Stock Exchange.
For its annual financial year ending March 31, 2023, Wincanton generated a turnover of almost £1.5 billion (€1.7 billion) and a pre-tax profit of £38.2 million, down 30.3% year-on-year .
Source: BFM TV
