Logistics giant Wincanton agrees takeover terms in deal worth £567m

logistics giant wincanton agrees takeover terms in deal worth £567m

One of logistics firm Wincanton’s lorries

Wiltshire-headquartered logistics giant Wincanton has agreed to be taken over by a French-based company in a deal worth around £567m. The London-listed business announced on Friday (January 19) it had agreed to the terms of the acquisition, which saw it valued at £764.9m.

Wincanton, which is based in Chippenham, is being acquired by Bidco – a newly established company formed by a subsidiary of Ceva Logistics for the purposes of the acquisition. Bidco’s offer at the acquisition price of 450 pence per share followed the Wincanton board having received and rejected several “unsolicited proposals” from CMA CGM over a period of a few weeks.

Ceva is part of the CMA CGM Group, with CMA CGM being a global player in sea, land, air and logistics solutions, serving more than 420 ports around the world across five continents, with a fleet of around 620 vessels.

Wincanton’s board of directors said on Friday it now believes the acquisition price is “at a level” it can recommend to shareholders.

It also said the deal represented a “valuable opportunity” which would provide a “positive outcome” for all its stakeholders, including employees, pension-right holders and customers, as well as Wincanton shareholders.

James Wroath, chief executive officer of Wincanton, said: “This offer will enable Wincanton to continue and accelerate the progress that has been made, providing an excellent partner with the balance sheet strength that will allow the pursuit of both existing and new growth opportunities. CMA CGM’s strong track record of investing in its people and its commitment to its customers means that we are confident this offer will deliver benefits for all of our stakeholders.”

Rodolphe Saadé, chairman of CMA CGM, added: “Wincanton’s renowned expertise in designing supply chain solutions for customers in the retail, grocery, eCommerce, construction, infrastructure, energy and defence sectors would enable CEVA to further diversify its contract logistics customer base.

“Bringing together the two entities would strengthen the CMA CGM Group’s footprint in the United Kingdom and Ireland, while also paving the way for new opportunities and more innovative product offerings. On behalf of our 155,000 staff members, I look forward to welcoming Wincanton’s talented people within our group.”

Wincanton’s directors were advised by HSBC on the financial terms of the acquisition and the bank is providing independent financial advice to the business.

News Related

OTHER NEWS

FA confident that Man Utd starlet will pick England over Ghana

Kobbie Mainoo made his first start for Man Utd at Everton (Photo: Getty) The Football Association are reportedly confident that Manchester United starlet Kobbie Mainoo will choose to represent England ... Read more »

World Darts Championship draw throws up tricky tests for big names

Michael Smith will begin the defence of his world title on the opening night (Picture: Getty Images) The 2024 World Darts Championship is less than three weeks away and the ... Read more »

Pioneering flight to use repurposed cooking oil to cross Atlantic

For the first time a long haul commercial aircraft is flying across the Atlantic using 100% sustainable aviation fuel (SAF). A long haul commercial flight is flying to the US ... Read more »

King meets world business and finance figures at Buckingham Palace

The King has met business and finance leaders from across the world at a Buckingham Palace reception to mark the conclusion of the UK’s Global Investment Summit. Charles was introduced ... Read more »

What Lou Holtz thinks of Ohio State's loss to Michigan: 'They aren't real happy'

After Ohio State’s 30-24 loss to Michigan Saturday, many college football fans were wondering where Lou Holtz was. In his postgame interview after the Buckeyes beat Notre Dame 17-14 in ... Read more »

Darius Slay wouldn't have minded being penalized on controversial no-call

Darius Slay wouldn’t have minded being penalized on controversial no-call No matter which team you were rooting for on Sunday, we can all agree that the officiating job performed by ... Read more »

Mac Jones discusses Patriots future after latest benching

New England Patriots quarterback Mac Jones (10) Quarterback Mac Jones remains committed to finding success with the New England Patriots even though his future is up in the air following ... Read more »
Top List in the World