Tag: Christian Salvesen

Norbert Dentressangle agree Christian Salvesen acquisition

Posted by | Oct 2, 2007 | |

Combined sales achieved in 2006 of c. euro 2.9 billion and approximately 390 sites in 13 countries

The Boards of Christian Salvesen and Norbert Dentressangle (GND) have announced that they have reached agreement on the terms of a recommended acquisition by GND of the entire issued and to be issued ordinary share capital of Christian Salvesen at a price of 92.0 pence in cash for each Christian Salvesen Share, valuing Christian Salvesen’s fully diluted share capital at approximately £254.4 million.

The terms of the Transaction represent a premium of approximately 79.0% to the Closing Price of 51.5 pence for each Christian Salvesen Share on 24 September 2007, being the last business day prior to the announcement by Christian Salvesen that it had received approaches and a premium of approximately 58.0% to the average Closing Price of 58.2 pence for each Christian Salvesen Share for the three-month period prior to 24 September 2007.

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Rampant speculation over possible Salvesen takeover

Posted by | Sep 26, 2007 | |

Industry speculation is rife over the identity of two potential bidders for Christian Salvesen, following the company’s statement that it has been approached regarding a possible takeover.

While the absence of any confirmation from companies within the transport & logistics sector has fuelled market speculation that the interested parties may be private equity companies, analysts have suggested that Wincanton, Deutsche Bahn, Kuehne+Nagel, Norbert Dentressangle or Salvesen’s JV partner, APL, could be in the running.

The UK-based logistics company also has operations in Belgium, France, Holland, Ireland, Portugal and Spain.

Christian Salvesen has, in the past, rejected suggestions of merger propositions, although the company’s financial performance has been hit by increasing competition in a market steeped in M&A activity.

In June, the company agreed to sell its frozen vegetable business for GBP 17.2 million.

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Possible takeover for Christian Salvesen

Posted by | Sep 25, 2007 | |

Logistics firm Christian Salvesen has revealed that it has been approached by two separate parties with a view to a possible takeover of the company. The news comes as little surprise as industry experts have long regarded Salvesen as the weakest of the UK publicly listed 3PLs.

Speculation surrounds the identity of the two suitors although UK rival Wincanton is tipped by many as a likely candidate.

However there is any number of other potential firms lined up to snap up Salvesen. French operator Norbert Dentressangle has made no secret of its desire to grow substantially through acquisitions and other foreign businesses like Kuehne + Nagel and Deutsche Bahn could also be in the running.

As an outside bet TDG could be looking to revive its aborted merger plans with Salvesen from several years ago.

Salvesen share price has risen 26 pct to 65 p on the back of the news, and its board confirms that discussions are continuing, although it cautions: There can be no certainty that a formal offer for the Company will be forthcoming or as to the terms on which any offer might be made.

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Christian Salvesen receives two acquisition offers

Posted by | Sep 25, 2007 | |

Indicative offer proposals are subject to a number of pre-conditions

Christian Salvesen has released a statement that its Board has noted the recent movement in its share price. In response to this, the Board confirms that it has received approaches from two parties which may or may not lead to a recommended offer for the Company. The indicative offer proposals received by the Board are subject to a number of pre-conditions.

The Board is currently continuing discussions and will provide an update to its shareholders in due course. The Company stated, as is usual in such instances, that there can be no certainty that a formal offer for the Company will be forthcoming or as to the terms on which any offer might be made.

Following a recent dip in its share price, a sharp increase (of almost 30.0% at one stage) was seen this morning. The Company, with a market capitalisation of some GBP 159.2 million (rising to around GBP 176.0 million after share activity this morning), has been the subject of takeover and merger speculation and approaches in recent years, most notably when discussions with TDG failed to result in a deal in late 2004.

Salvesen has faced difficult trading conditions for a number of years and has initiated a programme of restructuring to improve efficiency across the Group, particularly across its UK and Spanish transport businesses and the European food and consumer business. Its results have reflected continuing challenges in the UK transport market.

In August 2007, the Company announced that it was to concentrate on its logistics business with the sale of its frozen vegetable business, Christian Salvesen Foods, comprising stock, plant, machinery, people and contracts to Pinguin Foods.

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Business Direct: New Board Appointments

Posted by | Sep 4, 2007 | |

Richard Martin has been appointed Managing Director of In-Night Division.

Richard joined Business Direct in April 2007 as General Manager / Director of the In-Night Division. Immediately prior to this, Richard was at Parcelnet, the UK’s largest national courier home delivery specialist, from October 2003 as General Manager; at Exel Logistics, from April 2002 to October 2003 as Commercial Manager; and at Christian Salvesen, from May 1994 to April 2002, latterly as Network Transport Director.

Richard Hunt CBE has been appointed as Senior Non-executive Director.

Richard has wide experience in the logistics industry. He was at The Go-Ahead Group from April 2002 to October 2005 as Chief Executive of its Aviation Division and Aviance Limited; at NFC, then the largest UK transport and logistics business, from April 1995 to December 1999 as Executive Director Operations – UK and Ireland and Chief Executive – Exel Logistics Europe; and at Brown & Tawse from March 1993 to April 1995 as Logistics Director, on the main Board of this fully listed company.

Composition of the Board:

Following Richard Martin’s and Richard Hunt’s appointments, Business Direct’s Board comprises eight Directors: five executive Directors – Paul Carvell (CEO), Martin Wright (CFO), Tim Houstoun, Richard Martin and Martyn Wilson – and three independent non-executive Directors – Russell Hodgson (Chairman), Richard Hunt and Graham Norfolk.

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