Tag: Europe

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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Neopost announces the acquisition of PFE, a worldwide supplier of folders/inserters

Posted by | Sep 25, 2007 | |

Neopost announced the acquisition of PFE International Ltd, a worldwide supplier of folders/inserters.

PFE is a privately-owned UK company which was founded in 1963. PFE generated sales of GBP 29.3 million in 2006, of which almost 80 pct came from outside the UK. PFE has a distributor network covering 55 countries as well as 10 subsidiaries located in Australia, Austria, Belgium, France, Germany, Ireland, Portugal, Singapore, the United Kingdom and the United States. The company employs 480 staff.

A strong complementarily exists between Neopost and PFE’s lines of folding and inserting products. Neopost is mainly focused in the lower volume market while PFE is strongly focused in the higher volume market. The transaction will result in a more comprehensive product line and a reinforced distribution network as well as increased synergies with Neopost’s mailing systems. The companies signed an agreement covering the acquisition of most of PFE’s activities.

The activities to be acquired generated sales of GBP 27.5 million in 2006 with an EBIT margin of about 5 pct. The transaction will be based on an enterprise value of GBP 27.2 million, around one times sales, and will be financed by the existing credit lines. The transaction remains subject to approval by the relevant regulatory authorities.

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DHL in Sweden offers international parcels service to private customers

Posted by | Sep 24, 2007 | |

November sees the launch of DHL’s assault on a completely new area – the private market. Competitive prices combined with rapid delivery are designed to persuade Swedes to send their parcels with DHL. In the first phase, the new B2C service covers Sweden only. From next year, Swedes will be able to send their parcels all over the world via DHL.

Until now, DHL Express in Sweden has focused on the business-to-business market. But now the company is breaking new ground and taking on the private market. The recipe for success is based on a completely new business model.

Initially, the service will be available in 1,000 posting and collection centres in Sweden. Apart from signing a number of contracts with local dealers in various industries, DHL has also established a cooperative agreement with a nationwide franchise chain in the service sector. But this is just the beginning. Access to the so-called SERVICEPOINT for private individuals and for the existing 50,000 business customers will be exceptionally good. In future, it will be just as common to see a sign advertising SERVICEPOINT as a yellow and red DHL van.

The concept of SERVICEPOINT has been around for some time in places like Germany, Spain, the UK, Italy and the Benelux countries. As early as 2008, DHL expects to be able to offer Swedish customers shipments worldwide. There is great demand for the concept from existing customers and also from private individuals who need a quick and easy way to send parcels to relatives and friends all round the globe.

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