Deal News Transportation & Logistics What's up in Your Market
Total Page:16
File Type:pdf, Size:1020Kb
Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, May 2016 www.pwc.de Deal News Transportation & Logistics What's up in your 17. May 2016 market – a focus Research Center on deals activity Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, May 2016 FedEx now owns FedEx now owns 88.4% of TNT Express shares, announced both 88.4% of TNT companies in a joint press release. From the press release: FedEx Express shares Corporation (FedEx) (NYSE:FDX), FedEx Acquisition B.V. (the Offeror) and TNT Express N.V. (TNT Express) jointly announce that after the expiry today at 17:40 hours Amsterdam time of the Acceptance Period and after the expiry of the period for tendering book-entry ADSs at 17:00 hours New York Time of the Offeror's recommended all-cash public offer for all the issued and outstanding ordinary shares of TNT Express (the Shares), 88.4% of the total number of shares have been tendered for acceptance. In accordance with Section 16, paragraph 1 of the Decree and Section 5.5 of the Offer Document, the Offeror will announce whether it declares the Offer unconditional no later than Thursday, 19 May 2016. Further information This announcement contains selected, condensed information regarding the Offer and does not replace the Offer Document and/or the Position Statement. The information in this announcement is not complete and additional information is contained in the Offer Document and the Position Statement. Digital copies of the Offer Document are available on the website of TNT Express at http://www.tnt.com/corporate/en/site/home/investors/fedex_offer.ht ml and on the website of FedEx at http://investors.fedex.com. Such websites do not constitute a part of, and are not included or referred to in, the Offer Document. 16.05.2016 Company Press Release(s) (Edited) Estonia’s Eesti Teed The Estonian government is likely to privatise Omniva, the parcel and Omniva may be delivery service, and Eesti Teed, the road maintenance company, in privatised in 2018 - 2018, Minister of Economic Affairs and Communications Kristen Michal Minister says told Mergermarket. The government will involve external advisers in the process once it completes its own analysis on the potential sale options, he added. The government has a number of options regarding Omniva, which is part of its postal services group Eesti Post. Options include a partial or full sale, as well as exploring a potential listing or attracting a strategic investor, Michal said, adding a final decision is yet to be made. The government was planning to sell a 50%+ stake in Eesti Post, as reported last November. This option also remains on the table, the minister said, adding that it is now analysing the sale of Omniva. Eesti Post reported EUR 75.9m in sales revenue during 2015, up 27% y-o-y. Meanwhile, the government plans to sell Eesti Teed, which has turnover of EUR 27m, but there are some existing road maintenance service contracts that need to be finalised before the sale, Michal said. A debate on privatising other state-owned companies is possible after the government completes the formation of a single holding company for its transportation and infrastructure service companies, Michal added. The holding first needs to get government approval, after which it will take a Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, May 2016 year to form the entity. The minister named EVR Cargo, the railway cargo company, and the airline Nordica as two potential privatisation candidates. The holding company, which has a potential valuation of EUR 1.2bn, will consist of state-owned companies in the transportation sector including Tallinna Sadam, the port company, EVR Cargo and Eesti Raudtee, the railway operators, as well as Tallinna Lennujaam, the airport, and other government holdings. Privatizing the transportation holding company itself is unlikely, as it will include some strategically important assets to the state, such as railway infrastructure, Michal said. However, a partial listing on Nasdaq Tallinn is theoretically possible in the long term, he said, adding that it is not being discussed at the moment. The governmental discussion on other privatisation candidates may start in the end of 2017 or later, Michal said. 16.05.2016 Proprietary Intelligence OT Logistics looking Listed Polish logistics group OT Logistics plans acquisitions of logistics at firms from companies, Polish daily Parkiet reported. OT Logistics is looking at logistics sector and companies from the logistics sector, and is considering potential considers potential acquisitions that would strengthen its market position, Parkiet reported buys, eyes control in quoting Chief Executive Zbigniew Nowik. OT Logistics has been present Luka Rijeka in Croatia for several months, since the acquisition of a 20.8% stake in (translated) the Croatian port operator Luka Rijeka, Parkiet also reported. Eventually, OT Logistics wants to acquire control in Luka Rijeka, to have more influence in the company's further development. The paper also reported, citing Nowik, that OT Logistics had established a company C.Hartwig Adria in Croatia, and the registration process should be completed in the second half of May. The purpose of creating this company is to strengthen the group’s presence in the market of logistics services in the Baltic-to-Adriatic Sea transport corridor. OT Logistics specialises in inland waterway transport, rail and maritime freight, and also provides transhipment of goods in sea ports. OT Logistics has a market capitalisation of PLN 266.97m (USD 68.6m), the Warsaw Stock Exchange data shows. 14.05.2016 Parkiet Transval slotted for Transval, the private equity-backed Finnish logistics company, is sale, SEB advising – heading for sale this Spring, two sources familiar with the situation and sources a local banker said. The owners, MB Funds, have mandated SEB as financial advisor to guide the company through a sale process, these sources added. The owners have done well with the business, and the results reflect this, a second local banker noted, while a third added that both strategic and financial bidders will show interest on the buyside. One could make a case for rolling up several similar assets into one business, with Sweden-headquartered Aditro Logistics, backed by Valedo, posing a strategic fit, a fourth local banker speculated. The EBITDA figure for 2015 was below EUR 8m, added one of the sources familiar. The question is whether you can build a case from a Finland Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, May 2016 focused business with local management so that you can expand e.g. to neighbouring Sweden, the first banker stated. That said, there is plenty of scope for growth on the home market too, he added. Indicative offers are due this week, said the two sources familiar. MB Funds invested in the company in 2010 after founder of the company, Kari Valtanen, sold down his stake. At the time of the transaction Transval had a turnover of approximately EUR 27m, which has risen to EUR 110m since, according to MB Funds' homepage. The company was founded in 1994 and has transformed from being a terminal service provider to also offering outsourcing solutions within the logistics sector. MB Funds, Transval and SEB did not return calls for comment. 12.05.2016 Proprietary Intelligence Amazon terminates Amazon.com, the Seattle, Washington-based online retailer, has talks for acquisition terminated talks for the potential acquisition of French delivery of Colis Prive for company Colis Privé, French daily Les Echos reported. The report cited a antitrust issues spokesperson for Amazon France as confirming the news. A person (translated) familiar with the matter was cited as saying that the acquisition failed because of issues with the French Competition Authority, Autorité de la Concurrence. The report cited a spokesperson for the authority as saying that the notification of the deal was withdrawn by Amazon although discussions were going well and that a phase 2 process was expected to start soon. According to the report, Amazon did not agree with two elements of the discussion, including having the US headquarters of Amazon guarantee the concessions required by the Authority, and agreeing the appoint an authorised representative to make sure the commitments are being enforced. The report added that Amazon is expected to retain a 25% minority stake in Colis Prive. 12.05.2016 Les Echos Hili Company B.V. Hili Company B.V., a company headquartered in Amsterdam, seeks seeks UOKiK consent from the Office of Competition and Consumer Protection consent to take over (UOKiK) to acquire control of ALLcom sp. z o.o., headquartered in ALLcom Gdynia, Poland, UOKiK announced on 11 May. The application was filed on 9 May and is under consideration, the Polish antitrust regulator said. The Hili group provides logistics services in Europe, UOKiK said. The company runs operations in Poland via Warsaw-headquartered SAD sp. z o.o, which conducts retail sale of computers, peripherals and software in specialized stores. ALLcom is a freight forwarding company and customs agency. The company specializes in sea, road, rail and air transport. According to ALLcom website, the company cooperates with a large number of warehousing companies throughout Poland and has around 10,000m² of storage space available in its own warehouses. 12.05.2016 Regulatory Authority Press Release (Translated) Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, May 2016 Maghreb Maghreb Transports Services, a French transportation services provider, Transports Services has been put in receivership by the commercial court of Paris, according put into to daily WK Transport Logisitique.