28 Februari 2016

[280216.EN.BIZ] Debt-ladened CEVA Denies Reports It Is In Talks To Sell Out to K+N


DUTCH forwarding giant CEVA denies reports that it is in talks with Kuehne + Nagel over a possible full or partial sale of the company, reports Lloyd's Loading List.

Owned by private equity firm Apollo since 2006, analysts say CEVA has not yielded the kind of returns it expected and now seek an exit.

This is how London's Loadstar told it. K+N would only say: "As a matter of principal, we do not comment on rumours."

Said Barclay's transport expert Rob Riddleston: "CEVA is a very good business, a very large business, but of course it has been saddled with huge amounts of debt.

"Apollo have been looking for a way out for the past five or six years, really. There were rumours that they were going to float, but I don't think that was ever going to be the case.

"K+N have no real debt at all if you look at their accounts. They have the financial firepower for a major acquisition," said Mr Riddleston.

Source : HKSG.

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