The battle for U.K. logistics business Wincanton has escalated into a bidding war, says The Wall Street Journal. A new offer from U.S.-based GXO Logistics of about $965 million counters a bid by rival Ceva Logistics, increasing it by about 26%, well ahead of the $716.5 million that Ceva first put up for Wincanton in January.
The GXO bid complicates efforts by Ceva’s parent, container line CMA CGM, to expand its logistics reach. Although contract logistics firm Wincanton isn’t a significant competitor on the international logistics scene, it had around $1.8 billion in revenue in its last fiscal year, it is a major player in the U.K., and counts big customers along with 16.4 million square feet of space across 160 locations.
Read More: EU Commission Clears CMA CGM Acquisition of Bolloré Logistics
CMA CGM recently completed its $5 billion acquisition of French forwarder Bolloré Logistics, so the company will have to decide whether its cash reserves can support still more investment, the WSJ says.
