Custos sells Salvesen shareholding
In a further development related to the ownership of UK based logistics provider Christian Salvesen one of its single largest shareholders has sold its entire stake in the company. Custos, the Swedish financial investor, which has in the past been highly critical of the company’s management, announced that it has disposed of its 9.4% stake at 50p (€0.73) per share. At its peak the company’s shares were worth 185p (€2.70). Custos cited as its reason that it believed there were better investment opportunities in the market.
Earlier in the year, Salvesen received an approach from another unnamed financial group although talks terminated at an early stage. At the time Custos was scathing about the management of Salvesen for not putting that deal, or three earlier ones, before shareholders. Custos’ own bid for the company in 2000, which priced shares at 200p, had also been rejected.
This year has been a very difficult one for Christian Salvesen. Not only has speculation over the company’s future been rife, with talk of further bids and management buy outs, but the company reported a £5.5m (€8.03m) loss after exceptionals and cut its dividend. Its Chairman, Jonathan Swift, also announced his retirement from the Board. The sale of Custos’ holding in the company is bound to reignite talk of another bid. The last time that Custos exited from a logistics company was in 2000 when it sold all its holding in Swedish ASG to Deutsche Post. More news may be forthcoming at Salvesen’s AGM this week.