On the wires: SF Holding – M&A fillip already gone (as Kuehne and TFI smile)

That the full, upcoming Q1 ’21 update – expected within the next month – would be painful for SF Holding emerged recently and may be a reason according to which the Chinese integrator had to act swiftly to take over Kerry Logistics Network, although the M&A momentum was momentary, as opposed to that enjoyed by others that went for deal-making in the first quarter.

“Valuation still stretched after share price correction: SF’s share …

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Global forwarding the star performer, driving growth for Kerry Logistics

Kerry Logistics Network’s freight forwarding division drove growth at the group, which saw core net profit in 2020 grow 33% to HK$3.32bn (US$234m).
Revenues rose 30% to HK$53.3bn, while its cash position grew some 45%, to HK$8.47bn.
Kerry’s International Freight Forwarding (IFF) arm was “the powerhouse”, said the company, accounting for 28% of the total profit, with its own profit up 64% year on year.
“The growth was mainly driven by a high …

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Markert Insight: How M&A is changing your business as your business changes

In late April last year, ten days after I lost my father-in-law – who had several pre-existing conditions but maybe would be around for Easter 2021 if Covid-19 didn’t exist – I wrote a debt-driven, lightly M&A-focused piece titled: “Three, four waves, and then comes the M&A spike“.
Building up
It was when the EBITDAC concept – earnings before interest, taxes, interest, depreciation, amortisation and coronavirus – first spread, with data provider Refinitiv at …

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Market Insight: Kuehne + Nagel – why Apex (and not Kerry) makes perfect sense

The feedback tsunami that hit me from the eastern hemisphere in the wake of the Kuehne + Nagel + Apex deal not only carried massive strength, but also shed light on why Apex was the chosen one.
Well, sort of.
Still, it didn’t fully answer why the Swiss forwarder would opt to strike a benchmark deal which, as many agreed, strategically may not be worth the bucks it was likely valued at.
It’s …

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M&A radar: SF Holding + Kerry – hitting the jackpot via a smart deal structure

Calling the SF Holding + Kerry Logistics Network (Kerry) tie-up structure was a bit of a headache – and in fact, to my knowledge, nobody guessed it right earlier this month when the initial rumours emerged.
However, we weren’t far away from winning it last week (here: “Enter the Chinese mammoth and goodbye Kerry Logistics“) when – after gathering meagre market feedback in the wake of a rather disjointed, yet useful, …

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Kerry Logistics takeover by SF Holding creates ‘biggest logistics group in Asia’

Chinese express giant SF Holding is to acquire a 51.8% stake in Hong Kong’s Kerry Logistics Network – a landmark $2.3bn deal creating the “biggest logistics group in Asia”.
In a filing to the Shenzhen stock exchange late last night, SF Holding, which operates courier firm SF Express, said the move would help expand its international footprint and freight forwarding operations through Kerry’s extensive South-east Asia network and its strength on …

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Market Insight: DSV Panalpina – time to call Mærsk

The day ‘United Copenhagen A/S’ reminded the logistics universe where the capital of the world actually stands, the proud captains praised their teams, talked up their achievements, rightly so, humbly asking us to prepare for more via their prepared remarks.
But yes, it happened: the Chinese stole their thunder.
1 to 1  
One, the asset-light alligator, said:

“Thanks to an extraordinary effort by our staff, we delivered excellent results across all our divisions …

The post Market Insight: DSV...

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Against the odds: Enter the Chinese mammoth and goodbye Kerry Logistics

Of all the M&A-related stories, the outcome for Hong Kong’s Kerry Logistics Network is currently the hardest to call.
Odds
Certain signs point to its days on the stock market being numbered, with the world of logistics conceivably losing a third major public player since 2019 in the wake of the takeovers of Panalpina by DSV and Ceva Logistics by CMA CGM, if its suitor SF Holding makes an offer for the …

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