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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