Autologic acquires Axial: stake in CAT

French car maker Renault has agreed to sell its auto logistics arm to a consortium of car parts distributors and logistics groups for €467.4 million in cash and shares.
British car parts distributor AutoLogic said it was taking a 40 percent stake in the new consortium called GAL and would pay €76.3 million for its share of the acquisition.

The other members of the consortium are Dutch group TNT and shipping group Wallenius, which will each have 20 percent of GAL.

Renault will retain a 20 percent stake in GAL.

Separately, Autologic said it was buying Axial, the automotive distribution business of Tibbett and Britten for £74.5 million in cash and shares and would fund these acquisitions with a 1 for 2 rights issue at 400 pence a share to raise £51 million.

Autologic shares opened down 3.1 percent at 482.5 pence.