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Cory sale fuels Exel bid gossip
Page 22
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Mu Exel's sale of Cory Environmental inspire bids for Exel itself? If Exel continues o sell-off non-core subsidiaries it's set to become a tempting target...
Exel is le sell its Cory Environmental subsidiary to Montagu Private Equity for £205m. Cory is one of the UK's leading recycling and waste management companies — it generated operating profits of E-I 5.9m last year, which represents some 9% of Exel's total earnings.
On the back of this £250m is to be returned to Exel shareholders through a buyback program, and a trading update revealed that slowing growth rates in air freight have been balanced by growth of almost 30% in sea freight. As a result of the sale conjecture has once again increased over potential bidders for Exel as a whole.
The disposal of Cory means that purchasers would not be saddled with a non-core business unit, and healthy results show the company is reaping the benefits of its strategic acquisition policy.
UPS and Deutsche Post are generally considered the front runners for any potential bids. Exel says no contact has been made, but if it continues to sensibly prune its portfolio while posting favourable financial results through its dominant position in contract logistics, the takeover speculation could change from if to when.
• Datamonitor's European Logistics Market Map series assesses the breakdown of logistics spending across five industry sectors spanning the 15 European Union countries.
The database comprises historic and forecast values data. enabling users to target specific countries and sectors of activity.
For further information visit its website, www.datamonitor.com