Latest news from Heavy Lift & Project Forwarding International Magazine

DSV buys UTi in USD1.35 billion deal

October 9 - Denmark headquartered DSV Group has acquired US based UTi Worldwide in a deal worth USD1.35 billion.

HLPFI reported on December 4, 2014 that the Danish transport and logistics group tried to acquire its US rival, with both organisations confirming that exploratory conversations regarding this matter had taken place. Bloomberg reported, however, that the negotiations broke down after news broke of DSV's potential acquisition sent UTi's shares surging.

Shares in DSV grew by as much as 6.7 percent to a record 270.4 Danish Krone (USD41.07). UTi's stock dropped 66 percent in value since the breakdown of the previous deal talks.
 
However, the two organisations confirmed that an accord has now been struck. Kurt K. Larsen, chairman of the board at DSV, said: "It is a great pleasure for me to announce the first step towards the combination of UTi and DSV. We complement each other perfectly, both in terms of business activities and geography. Together, we will be even stronger and able to capitalise on business synergies as well as a greater global reach to the benefit of shareholders, customers and employees.
 
DSV offered a cash price of USD7.10 per ordinary share - a 50 percent premium on UTI's closing price on October 8, 2015. Danske Bank, ING and Nordea have committed to financing the transaction. The transaction is conditional on obtaining the approval of the shareholders of UTi at an extraordinary shareholders' meeting.
 
Roger MacFarlane, chairman of the board of UTi, noted: "We are operating in an industry where increasingly scale is critical. Joining forces with DSV delivers substantially greater client value and many future opportunities for our people while it is financially very attractive for our shareholders. As a result, the Board of Directors of UTi has unanimously approved the agreement with DSV and strongly recommends that our shareholders accept the offer."
 
www.go2uti.com

www.dsv.com

Heavy Lift | News

Talbert names Henderson thumbnail image

Talbert names Henderson

September 13 - USA-based Talbert Manufacturing has appointed David Henderson as dealer development manager.
Views: 267
XLP gathers in Dubai thumbnail image

XLP gathers in Dubai

September 13 - Almost 160 delegates from around the world gathered in Dubai last week for the XLProjects (XLP) annual general meeting (AGM).
Views: 311
ACS adds office space in Spain thumbnail image

ACS adds office space in Spain

September 13 - Air Charter Service (ACS) has relocated its Spanish operation to larger premises in Madrid.
Views: 308
Persson joins Kässbohrer thumbnail image

Persson joins Kässbohrer

September 13 - Kässbohrer has appointed Christian Persson as its key account manager for Sweden, Finland and Norway.
Views: 333

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.