The board of logistics firm Christian Salvesen has backed the proposed sale to French group Norbert Dentressangle for £254 million.
‘137 years’
The UK company, which was formed in 1872, provides logistics and supply chain operations to a number of firms, including Tesco and Marks & Spencer. It also has a division providing transportation services, including to Ford and BP.
"This means that part of our lives have come to an end," said Major Robin Salvesen, great-grandson of the company’s founder. "It is sad, but life moves on."
Stewart Oades, Salvesen's chief executive, said yesterday that the French company’s offer would be attractive to shareholders because of the complementary nature of the two businesses and the generous premium, but Salvesen would also consider higher bids from other companies.
Last week the company reported that they had received another bid from another unnamed firm.
‘Waiting game’
"The other party will have to determine whether they want to approach us," said Mr Oades. "We will just have to wait and see."
Christian Salvesen has 200 sites in the UK and Europe, including France, Spain, Ireland and Portugal, employing some 13,000 staff.
October 3, 2007
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