Wednesday, April 29, 2015

Norbert Dentressangle pass under the American flag – Le Point

3.24 billion euros. This is the price paid by the US company XPO Logistics to acquire the red truck Norbert Dentressangle. A purchase that gives birth to a giant global transport and logistics. This is a new revolution in the landscape of road transport and logistics in France, after the liquidation of MoryGlobal late March, with 2,150 redundancies in the key and the announcement of a social plan 500 positions at Gefco mid-April.

Maintaining
jobs

The announcement of the acquisition has boosted the Dentressangle as nearly 40%. Norbert Dentressangle has 662 sites and 42,350 employees. The statement said “XPO intends to maintain its current level the number of full-time employees in France, a minimum period of 18 months from the closing of the acquisition.” This cash, which marks the establishment of XPO Logistics in Europe is through the acquisition of the 67% stake held by Norbert Dentressangle, founder of the eponymous group.

XPO Logistics, specializing in transportation and logistics, offering 217.50 euros per share Norbert Dentressangle and will resume the debt of the Lyon business. This price represents a premium of 36.7% in comparison with Tuesday’s closing price on the Paris Bourse. According to the text, “the shareholder value of Norbert Dentressangle (for) all of the shares was 2.17 billion euros. (…) The total value of the transaction is approximately 3.24 billion euros, including net debt of 1.08 billion euros. “

The American group, which is based in Greenwich, Connecticut (Northeast US), was pledged to launch a tender offer at the same price on the remaining shares it does not already own, the statement which confirmed the information obtained close source folder before the United States. XPO assured to have the necessary funding and stressed that “the completion of the transaction is conditioned to obtaining approvals from the authorities in charge of merger control in the United States and Germany.”

The French leaders remain in place

In addition to the maintenance of employment for 18 months, XPO s “agrees that” centers European decision Norbert Dentressangle “remain” in France, in Lyon for the headquarters in Malakoff (Hauts-de-Seine) for logistics and Beausemblant (Drôme) for transport. “And the French leadership also remains in up since the CEO of Norbert Dentressangle, Hervé Montjotin, will lead the European operations of XPO Logistics. This acquisition allows XPO Logistics to set up in Europe, where it was not present.

XPO Logistics employs his side 10,000 people at 200 sites and claims to have a base of 15,000 customers in various industries ranging from aerospace to the public sector through technology. Last year, the group led by Bradley Jacobs realized a turnover of $ 2.4 billion (+ 235.6% yoy). However, it had a net loss of $ 63.6 million.



Among “the world’s first 10″

Meanwhile, Norbert Dentressangle recorded turnover of 4.7 billion euros and net income up 8% to € 75.9 million in 2014. This exercise had just seen his first foray in the US with the acquisition of Jacobson Group for 560 million euros, which had inflated its debt. The company has also made two-thirds of its revenue outside France in the first quarter 2015.

Mr Jacobs, “the planned acquisition of Norbert Dentressangle will propel XPO among the 10 leading logistics groups in the world. ” The company should reach “a turnover of about $ 8.5 billion once completed public offering, giving us nearly two years ahead of the goals” set out in the road map of company, Jacobs said, quoted in the statement.


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