XPO Logistics has begun raising $3.26bn (£2.1bn) to finance its takeover of Norbert Dentressangle and for other, as yet unspecified acquisitions. The US firm, which last month indicated that its €3.2bn (£2.3bn) acquisition of the French transport and logistics giant could be just the first in a series of takeovers of European companies, has secured an investment by a group of global institutional investors that will raise $1.26bn; and has also announced the issue of $2bn of corporate bonds. XPO […]
Stobart is still restructuring the former Innovate business it acquired out of administration in 2008 – a process that has been “more challenging, costly and further reaching than first planned”. The admission came as Stobart Group revealed profit rose 10% at its transport and distribution division (Eddie Stobart) to £14.2m in the first six months ended 31 August. This was despite a 5.6% fall in turnover to £251.1m. “We have improved our margins in [Eddie Stobart] through more effective financial […]
UPS has acquired temperature-controlled operator Polar Speed for an undisclosed sum.
The threat of a tanker driver strike could now be averted, as the Unite union and fuel distribution companies reach agreement over a new set of proposals. Unite has also been given an extended industrial action mandate of 21 May to allow it time to discuss the new proposals with its 1,200 tanker driver members. Peter Harwood, Acas chief conciliator, who has been heading up the negotiations, says: “Following a further two days of intensive discussions, a final set of […]