CMA CGM excludes Finnish ports from its routes
NewsCargo bound for Finland will still be loaded as scheduled, with transhipment in Tallinn, albeit with an additional freight adjustment of EUR 350 per container.
CMA CGM withdraws from bidding for Wincanton
Wincanton’s shares dipped 4.3 per cent in response to CMA CGM’s withdrawal, although they remain significantly higher than before the initial bid announcement.
French container shipping giant CMA CGM ended its pursuit of UK logistics company Wincanton on Tuesday, likely paving the way for GXO’s successful bid, the Financial Times reported.
CMA CGM, which made the offer through its Ceva logistics subsidiary, withdrew from the contest after GXO trumped its 480p per share cash offer, now offering 605p per share, valuing Wincanton’s equity at £762mn.
Originally offering 450p per share on January 19, CMA CGM raised its bid to 480p on February 26.
The UK’s Takeover Panel granted CMA CGM a four-business-day window after the GXO offer to deliberate on whether to raise its bid. However, on Tuesday, CMA CGM declared its decision to let its offer for Wincanton expire instead.
This decision, a setback for CMA CGM’s expansion into logistics, comes amid its recent acquisition spree in the sector.
GXO, based in Greenwich, Connecticut, provides supply chain services including customer deliveries.
Wincanton’s shares dipped 4.3 per cent in response to CMA CGM’s withdrawal, although they remain significantly higher than before the initial bid announcement on January 18.