Autologic to acquire 40% of CAT and most of Axial
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RNS Number:1055B
Autologic Holdings PLC
27 March 2001
AutoLogic Holdings plc
Proposed acquisition of a 40 per cent. interest in Compagnie
d’Affretement et de Transport S.A.
Proposed 1 for 2 Rights Issue
Proposed acquisition of Axial
AutoLogic, the automotive logistics and services group,
announces three significant strategic developments. These
are:
– The proposed acquisition of a 40 per cent. interest in
Compagnie d’Affretement et de Transport S.A. (“CAT”),
Renault’s logistics business, for Euro 76.3 million
(approximately #47.6 million)
– A 1 for 2 rights issue to raise #51.0m net of expenses
– The proposed acquisition of substantially the whole of
Axial, being the automotive distribution business of Tibbett &
Britten, for #74.5m
Proposed acquisition of a 40 per cent. interest in CAT
* AutoLogic, TNT and Wallenius have agreed to join a
consortium, comprising AutoLogic, TNT and Wallenius, to
acquire CAT through which AutoLogic is to acquire a 40 per
cent interest in CAT. The acquisition of CAT will be made on
behalf of the consortium by Global Automotive Logistics
S.A.R.L. (“GAL”) for a consideration of Euro 467.4 million of
which Euro 430 million is payable in cash on completion and
Euro 37.4 million is to be satisfied by the issue of new
shares to Renault in GAL representing 20 per cent. of the
issued share capital of GAL following completion. In
addition, Renault is entitled to receive a pre-completion
dividend of approximately FRF178 million
* CAT is Renault’s logistics business and its activities
encompass finished vehicle logistics, international freight
and replacement parts distribution for Renault’s passenger and
truck divisions
* GAL will fund Euro 298 million (approximately #186.3
million) of the cash consideration and its transaction
expenses, estimated at approximately Euro 21 million
(approximately #13.1 million) with a debt facility which will
be non-recourse to the consortium members. The remaining Euro
152.6 million (approximately #95.3 million) will be provided
by the consortium members by way of subscription for, or
purchase of, new shares in GAL. AutoLogic’s 40 per cent.
share of the amount to be provided to GAL by the consortium
members is Euro 76.3m (#47.6m)
* GAL shareholdings following completion will be AutoLogic
(40 per cent.), TNT (20 per cent.), Wallenius (20 per cent.)
and Renault (20 per cent.)
* The acquisition of CAT by GAL is conditional on, amongst
other things, the approval of AutoLogic Shareholders at the
extraordinary general meeting to be convened for 12 April 2001
and approval by the European Commission in relation to
competition aspects
* CAT will continue to be lead logistics provider to
Renault under long term contracts
* AutoLogic’s acquisition of a 40 per cent. interest in CAT
will:
– Provide the opportunity for increased globalisation of
the AutoLogic business
– Strengthen AutoLogic’s position in continental Europe and
its overall competitive position
– Offer the opportunity to broaden AutoLogic’s customer
base and diversify its operations
– Provide substantial scope for synergistic savings
– Extend the range of services AutoLogic can offer its
customers through the development of a lead logistics provider
capabili
