In a recent development within the logistics sector, GXO, a US-based logistics company, has expressed interest in acquiring Wincanton, a key player in the UK logistics market. This move comes amidst Wincanton's ongoing acquisition discussions with CEVA Logistics of France, potentially unsettling the latter's £600 mln bid.
GXO, known for its acquisition of Clipper Logistics in 2022, approached Wincanton, signaling its intent to expand its portfolio. Wincanton, serving major retailers like Asda, Sainsbury's, and Waitrose, and employing 20,000 across the UK, confirmed an approach by an unnamed party, later identified as GXO by industry insiders.
Despite the existing agreement with CEVA, which has proposed a revised final offer of 480p per share, Wincanton's board has advised shareholders to hold off on any decisions regarding GXO's approach. The potential acquisition by GXO raises questions about competition hurdles, given Wincanton's significant market presence and CEVA's limited operations in the UK. Both Wincanton and GXO have yet to comment further on the matter.
Source: news.sky.com