Tag: UK

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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Royal Mail delivers new blow to workers

Posted by | Sep 25, 2007 | |

A last minute change of plan by Royal Mail still means more than 300 postal workers in Reading face redundancy.

Royal Mail announced a new GBP 20 million plan to modernize postal services last Friday which will see mail centre’s in Swindon and Gloucester remaining with Reading and Oxford closing down.

The new plan spells a reprieve for the Gloucester Mail Centre and an unexpected blow for workers in Oxford.

But the plan has always envisaged the closure and sale of the Reading Mail Centre in Caversham Road in January 2009 to pay for a massive redevelopment and technological upgrade at the Swindon site.

Communications Workers’ Union (CWU) branch letters secretary Wayne Levy, based in Reading, said he would be seeking an urgent meeting with bosses to get an explanation for the change.

Reading East MP Rob Wilson said: “I have done everything I can to save the jobs in my constituency, including arranging a meeting with Postal Services Minister Jim Fitzpatrick for all parties involved.

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Royal Mail may axe final salary pension scheme

Posted by | Sep 25, 2007 | |

Royal Mail is braced for strike action as it proposes to axe its final salary pension scheme for existing as well as new employees, according to a trade union.
Union Unite, which represents 12,000 Royal Mail managers, said that it expects the postal company to unveil plans to close the scheme to new and existing staff, and to take away GBP 1.5 billion of benefits. Unite said that in a meeting today Royal Mail confirmed the plans to the union.
A spokesman for Royal Mail refused to comment on the details of the proposals, saying: “It’s something we want to talk to our staff about first before giving a steer outside the company.”
Royal Mail is expected to inform employees of the proposed changes this week. Unite, which referred to the plans as the “great mail robbery” is involved in ongoing talks with the postal company.
Unite said that plans included raising the retirement age from 60 to 65, and from April 1 2008 replacing the final salary pension scheme for existing staff with a career average scheme.
Paul Reuter, national officer at the Union, said: “We call upon Royal Mail to honor their commitment to preserve the past services benefits that have been built up and paid for by our members.
Royal Mail is already facing two 48-hour walk-outs next month by members of the Communication Workers Union, over pension changes and pay.

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GBP 720m in unused foreign currency brought back to UK

Posted by | Sep 25, 2007 | |

The Post Office is offering returning holidaymakers the chance to donate their leftover foreign coins to national charity Help the Hospices.

Collection boxes are now on the counters of 600 Post Office branches across the UK – allowing holidaymakers to get rid of unused foreign coins and raise funds for charity at the same time.

New figures out today from Post Office®Travel Services reveal that over GBP 720 million was brought back to the UK last year in leftover foreign currency.* When asked what they did with the cash, less than three in ten holidaymakers (29 per cent) actually changed it back into pounds sterling and just under a quarter (23 per cent) said they put it to good use on their next holiday.

Of the rest, nearly a third of people (30 per cent) simply stashed leftover foreign currency at home unused. One in 50 said they planned to use the money on a next holiday but could not find it when the time came. Just three per cent said they had donated the leftover cash to charity.

The foreign coin collection is the latest initiative in the three-year partnership between Royal Mail Group and Help the Hospices, which has raised over GBP 1.1 million since it began in March 2005.

The Post Office is the largest bureau de change provider in the UK with a 25 per cent market share. Customers can buy euros over the counter at over 7,000 “on demand” branches and a selection of other currencies at 1,400 branches. All 14,000 Post Offices offer a next-day currency collection service.

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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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