Sharp ■ Informed ■ Challenging
Sharp ■ Informed ■ Challenging
February 2024
5.2.24
CMA CGM subsidiary seeks to grow UK operation with major acquisition
Ceva to buy Wincanton
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By Chris Tindall
Wincanton has reached an agreement for Ceva Logistics, a subsidiary of French shipping firm CMA CGM, to take it over in a £566.9m deal. T he acquisition values Wincanton at around £764.9m on an enterprise value basis, with shareholders receiving 450p per share in cash, a premium of around 52% to the closing share price as MT went to press. Ceva said the intended acquisition represented an attractive growth prospect and a “unique opportunity to expand Ceva’s offering in the UK and to acquire complementary grocery and consumer expertise”. Mathieu Friedberg, chief executive of Ceva, said: “In addition to the innovative logistics solutions that we could develop and offer together, we would be optimally positioned to answer even more
MAXIMISED DESIGN: Volvo has launched the FH Aero, which is up to 5% more fuel efficient than the current range. The aerodynamically enhanced cab, which is the latest to take advantage of the updated European masses and dimensions regulations, sports a 240mm protrusion at the front. According to the manufacturer, this contributes greatly to the improved efficiency, as well as aiding stability in windy conditions. Further aerodynamic gains have come from Volvo’s Camera Monitoring System, which replaces conventional external mirrors with cameras and screens. The Aero, which will be introduced to markets during 2024 and 2025, will be available in four versions – the FH Aero,
supply-chain challenges for our combined set of UK customers.” Wincanton chairman Martin Read said: “CMA CGM is a highly experienced operator in the industry, and as Wincanton becomes part of this larger business, it will be able to capitalise on the significant growth opportunities ahead. “While we remain confident in the long-term prospects of Wincanton and the wider sector, we recognise that the strong performance of the company has not been reflected in the performance of its shares in recent years. “We therefore believe this offer represents the best opportunity for shareholders to realise the value of their investment with greater certainty.” The Wincanton board said it was highly confident in the longterm prospects of the business as an independent listed company, but that it had considered the
attraction to Wincanton shareholders of the acquisition against the backdrop of near-term macroeconomic uncertainty. The news came only two days after Wincanton released a trading update saying it continued to trade in line with market expectations during Q3 and is on track to deliver around £50.5m profit before tax for the financial year to 31 March 2024. For the three months to 31 December 2023, the group delivered a 1.3% year-on-year revenue boost, continued exiting its closed-book transport contracts and delivered a “seamless” operational performance for retail customers over the seasonal peak. Wincanton has also announced it is taking over a major part of Marshalls’ transport operations, after signing a five-year outsourcing deal with the building products manufacturer. Up to 300 staff will transfer from Marshalls and join Wincanton’s team of over 20,300 employees as part of the partnership, with a phased migration of Marshalls sites to Wincanton taking place in the coming months. Marshalls’ landscape products fleet will now be managed and operated by Wincanton, which will also manage Marshalls’ landscape products and brick and masonry subcontractors.
FH Aero Electric, FH Aero gas-powered and FH16 Aero. All will be easily identifiable, thanks to the prominent positioning of a larger Volvo Iron Mark. They will also feature the word ‘VOLVO’ spaced out on the front of the cab. Further features of the Aero include improvements to Volvo’s I-See technology, updated brakes with patented drag-free discs, and a new tyre monitoring service via Volvo Connect. Creature comforts have received a boost too, with an enhanced infotainment system, an improved sound system and a built-in navigation system. Drivers will also benefit from an integrated microwave and USB C power outlets.
RTX p6 Focus: regulation p8 Viewpoint p10 Tyres: retreads p12 Tyres: imports p16 Tyres: low rolling resistance p20 MT Awards p24