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Analytiqa: Logistics Bulletin: Friday 05th October

10-12-2007 12:54 PM CET | Logistics & Transport

Press release from: Analytiqa

This week's Logistics Bulletin reports on further consolidation amongst logistics service providers. With deals announced across Europe, the Middle East and the US, the headlines were made by Norbert Dentressangle's £254 million recommended acquisition of Christian Salvesen. The enlarged group recorded combined sales in 2006 of approximately €2.9 billion, €1.6 billion of which were attributable to road transport (as it becomes Europe's largest tractor and trailer fleet operator), with combined contract logistics revenues of €1.3 billion, operating around four million square metres of warehouse space.

Elsewhere in Europe, the acquisition of Rohde & Liesenfeld sees Geodis Wilson become a major player in German freight forwarding, whilst Hitachi Transport is acquiring a leading Czech logistics firm, with the long term target to service Japanese automotive and electronics manufacturers based in Eastern Europe. In the US, Thermo Fisher Scientific has acquired a logistics provider, whilst in the Middle East, Global Logistics Services and Warehousing Co has acquired two logistics companies in Saudi Arabia and Bahrain.

Norbert Dentressangle agree Christian Salvesen acquisition

02 October 2007 - Combined sales achieved in 2006 of c. €2.9 billion and approximately 390 sites in 13 countries

The Boards of Christian Salvesen and Norbert Dentressangle (GND) have announced that they have reached agreement on the terms of a recommended acquisition by GND of the entire issued and to be issued ordinary share capital of Christian Salvesen at a price of 92.0 pence in cash for each Christian Salvesen Share, valuing Christian Salvesen's fully diluted share capital at approximately £254.4 million.

The terms of the Transaction represent a premium of approximately 79.0% to the Closing Price of 51.5 pence for each Christian Salvesen Share on 24 September 2007, being the last business day prior to the announcement by Christian Salvesen that it had received approaches.

GND believes that the Transaction has a compelling strategic and financial rationale including:

> creation of one of the European market leaders in transportation and logistics;

> enhancing GND's and Christian Salvesen's complementary strength including expansion of distribution networks and strengthening of presence in food and frozen products distribution;

> increasing GND's geographic footprint into the UK, Benelux and the Iberian Peninsula;

> attractive financial profile including potential for increased margins, strong cash flow and the realisation of significant synergies;

> building on Christian Salvesen's established Transport Division UK turnaround programme including initiatives underpinning efficiency and maintaining strong customer performance; and

> developing relationships with shared customers and pan-European clients through cross-selling initiatives, as well as approaching new clients with an expanded pan-European offering.

The consideration payable under the Transaction will be financed through existing cash resources and facilities being made available by Societe Generale.

GND has received irrevocable undertakings to vote in favour of the Transaction at the Court Meeting and the General Meeting from the Christian Salvesen Directors who hold Christian Salvesen Shares, certain members of the Salvesen family and other shareholders representing approximately 23.2% of the entire existing issued share capital of Christian Salvesen.

In addition, UBS Global Asset Management (UK) Ltd manages 26.83 million Christian Salvesen Shares (10.1 per cent.) and has irrevocably undertaken to exercise the voting rights attaching to these shares, except in the case where its clients do not permit UBS Global Asset Management (UK) Ltd to exercise voting rights on their behalf.

This transaction is a major step in the development of GND and its strategic plan to create a major player in the European market. The acquisition will allow GND to significantly expand its service offering to its customers. Christian Salvesen and GND have a strong strategic fit and share a common background, having both started life as family-owned enterprises.

The enlarged group will enter into the top echelon of European logistics and transport providers, with combined sales achieved in 2006 of c. €2.9 billion and approximately 390 sites in 13 countries. It will create a leading pan-European road transport provider, with combined revenues of €1.6 billion in 2006, and Europe's largest tractor and trailer fleet operator, with approximately 8,000 tractors and approximately 10,200 trailers. The acquisition will see it join the group of major European providers of logistics services, with combined revenues of €1.3 billion in 2006 and c. 4 million square metres of operated warehouse space.

GND believes the local networks of Christian Salvesen in key countries, including the UK, Benelux and Spain, will expand GND's overall offering and in addition GND's service offering will be strengthened through the contribution of a new activity for the group in shared user distribution; and GND believes the strong presence of Christian Salvesen in food and refrigerated products will continue to strengthen GND's current market position and service potential to clients.

Christian Salvesen's strong presence in the UK, Benelux and the Iberian Peninsula offers strategic scale for GND's current products and services; and GND has established positions in France, Italy and several Eastern European countries which, when linked with Christian Salvesen's geographic presence, will create a pan-European network.

GND also believes that there may be significant growth within the European market which it serves owing to potential increases in trade that will continue to be supported by the increasing distance between production zones and customer zones. Furthermore, GND believes a critical size is required to meet clients' expectations for a complete range of tailor-made transport and logistics solutions within Europe and that this Transaction will contribute significantly to GND's prospects within this market.

GND has considerable experience of integrating companies. GND has acquired approximately 40 companies over the past 20 years, which today represent more than 50.0% of GND's group revenue. During this period GND has successfully introduced its systems, processes and efficiencies into companies it has acquired, whilst retaining the core competencies and skills which each business has added to GND.

GND believes that its experience in acquiring and integrating acquired companies, along with the two groups' complementary cultures, will assist the integration and continued growth of the new combined group, which will be founded on the utilisation of best practices in each group.

GND expects the Transaction to deliver significant annual synergies of around €25.0 million before interest and taxes by 2010, driven by cost savings on purchases, back office costs and information systems. GND expects the transaction to be earnings accretive starting in the first year (before exceptional items such as one-off costs relating to synergies).

Elsewhere this week:

Geodis acquires Rohde & Liesenfeld
http://www.analytiqa.com/newsitem.aspx?articleid=2976

Hitachi Transport acquires Czech logistics firm
http://www.analytiqa.com/newsitem.aspx?articleid=2977

Interbulk establishes Chinese subsidiary
http://www.analytiqa.com/newsitem.aspx?articleid=2980

Thermo Fisher Scientific acquires logistics provider
http://www.analytiqa.com/newsitem.aspx?articleid=2978

Norbert Dentressangle receives 30% support for acquisition
http://www.analytiqa.com/newsitem.aspx?articleid=2972

Interbulk reorganises businesses under one brand
http://www.analytiqa.com/newsitem.aspx?articleid=2983

Global Logistics on Middle East acquisition trail
http://www.analytiqa.com/newsitem.aspx?articleid=2992

FAW-Guangzhou Automobile-Toyota JV targets logistics efficiency
http://www.analytiqa.com/newsitem.aspx?articleid=2991

Expeditors new Global Partner of Lufthansa Cargo
http://www.analytiqa.com/newsitem.aspx?articleid=2985

Home delivery decline for Business Post
http://www.analytiqa.com/newsitem.aspx?articleid=2984

Air freight shows strongest growth in 16 months
http://www.analytiqa.com/newsitem.aspx?articleid=2966

DHL clinches Chevron contract for a further three years
http://www.analytiqa.com/newsitem.aspx?articleid=2994

Nestlé expands logistics facilities in Brazil
http://www.analytiqa.com/newsitem.aspx?articleid=2989

PACCAR begins construction of parts DC in Hungary
http://www.analytiqa.com/newsitem.aspx?articleid=2968

AMB Property enters UK market
http://www.analytiqa.com/newsitem.aspx?articleid=2987

South African logistics park opens
http://www.analytiqa.com/newsitem.aspx?articleid=2981

Chiquita opens new logistics distribution centre
http://www.analytiqa.com/newsitem.aspx?articleid=2986

Tibet's biggest logistics centre under construction
http://www.analytiqa.com/newsitem.aspx?articleid=2988

ProLogis completes deal for Japanese DCs
http://www.analytiqa.com/newsitem.aspx?articleid=2970

First Bahrain to build logistics facility at BIW
http://www.analytiqa.com/newsitem.aspx?articleid=2982

Skanska invests in four new Scandinavian logistics projects
http://www.analytiqa.com/newsitem.aspx?articleid=2979

AMB Property leases to Weber Distribution
http://www.analytiqa.com/newsitem.aspx?articleid=2974

UPS Logistics Technologies partners with Dynamic Energy Systems
http://www.analytiqa.com/newsitem.aspx?articleid=2975

Manhattan Associates builds momentum in Russia with Kinetika
http://www.analytiqa.com/newsitem.aspx?articleid=2971

UPS provide paperless international shipping option
http://www.analytiqa.com/newsitem.aspx?articleid=2973

Schenker adds security technology for containers
http://www.analytiqa.com/newsitem.aspx?articleid=2993

UPS agrees five-year deal with Union
http://www.analytiqa.com/newsitem.aspx?articleid=2967

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Market size, market sectors, market shares and outsourcing rates: 2000 - 2011

Analytiqa’s Western European Logistics research provides an analysis of past market performance along with forecast growth trends across seven major countries, in five key sectors.

See www.analytiqa.com for more details

Analytiqa
Gate House, Fretherne Road,
Welwyn Garden City, UK, AL8 6NS
Tel: +44 (0)1707 37 22 11
Email: info@analytiqa.com
Contact: Editor, Logistics Bulletin

Analytiqa is a market analysis and business intelligence company providing published reports, custom research and consulting for multi-national clients across a number of industry sectors from Logistics and Distribution through to FMCG and Professional Services.

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List of Key Industry Participants:

ABX LOGISTICS; BAX Global; CH Robinson; DHL Global Forwarding; EGL; Exel; Expeditors; FedEx; GeoLogistics; Hellmann Worldwide Logistics; Kintetsu World Express; Kuehne & Nagel; Maersk Logistics; Nippon Express; Panalpina; Schenker; SDV; UPS SCS; UTi Worldwide Logistics; Yusen; Wincanton; APL Logistics; TDG; Rhenus Logistics; Penske Logistics; DPWN; DHL; DHL Exel Supply Chain; Federal Express; Schneider Logistics; Schneider National; Schenker Logistics; Stinnes; Gist; Eagle Global Logistics; Menlo Worldwide; Jones Lang LaSalle; ProLogis; DTZ; Gazeley; Groupe Norbert Dentressangle; National Logistics Company; TNT; TNT Logistics; Gefco; Maersk; Geodis; GEFCO; Bibby Distribution; Global Automotive Logistics; Autologic; NYK Logistics; Dachser; DSV; Fiege; Frans Maas; Hellmann Worldwide; MOL; KWE; Kintetsu; Ewals; UPS; Ryder.

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