The news, announced on Tuesday, March 5th, 2024, follows a fierce bidding war between the two companies for Wincanton, a prominent player in the UK logistics sector.
CMA CGM, the world’s third-largest container ship fleet operator, initially offered 480 pence per share for Wincanton. However, GXO upped the ante on Thursday, offering 605 pence per share, a significant premium that ultimately proved too difficult for CMA CGM to match.
According to The Financial Times, the UK’s Takeover Panel granted CMA CGM four days to counter GXO’s offer, but after careful consideration, the French company decided to let its bid lapse.
This decision makes GXO’s takeover highly likely to go through.
The battle for Wincanton has been a closely watched development in the logistics industry. Wincanton, with its 20,000 employees and established client base, including major retailers like Asda, Sainsbury’s, and Waitrose, is a significant player in the UK market.
GXO’s successful bid will see Wincanton become part of its extensive logistics network, further strengthening its presence in the UK and Europe.