News / MSC closes in on acquisition of French forwarder Clasquin

© Jirapatch Iamkate |

Following exclusive negotiations, which began at the end of last year, MSC subsidiary Shipping Agencies Services (SAS) and Clasquin Group have reached agreement that will see SAS acquire a 42% stake in the French forwarder, with a view to purchasing the remaining capital on the stock market.

The shareholding is currently in the hands of chairman Yves Revol and Lyon-based private equity firm Olymp.

SAS has offered just over €142 per share, which is slightly more than the €130-€140 anticipated by financial experts, and values the stake at €325m.

The transaction is supported by Clasquin’s CEO and senior members of the management team, who have also undertaken to tender their shares in the takeover bid, representing a total of about 8.5% of the share capital.

Subject to regulatory approval, the transaction is expected to be completed by the end of the year.

SAS will then file a public tender offer with France financial markets authority (AMF) for the remaining Clasquin shares, at the same price per share, before implementing, if conditions permit, a compulsory delisting.

At a conference call today, which followed the publication of the company’s 2023 results, Clasquin CEO Hugues Morin revealed that the company had not issued a sale mandate but had received an expression of interest from MSC.

He said that post-takeover, the company would maintain its current management team and brands.

One potential area of synergy with MSC’s subsidiaries is likely to be in Africa, with Africa Global Logistics (AGL), formerly Bolloré Africa Logistics. Clasquin could offer AGL its international forwarding network for shipments to and from the continent, Mr Morin explained.

Clasquin has experienced strong growth in Africa in recent years, and is in the process of taking full control of its Morocco-based subsidiary, Timar, which is present in several African countries.

The Lyon-based firm posted a 2023 turnover of €562.1m, down 35.9% on the previous 12 months, as markets normalised. Net profit decreased 16.2%, to €18.3m.