S24/7: MSC makes takeover bid for Brazil’s Log-In Logistica

Splash 24/7 reports:

Mediterranean Shipping Co (MSC) has lodged a bid to take over Brazil’s Log-In Logistica Intermodal.

MSC said in a statement it would be offering 25 reais ($4.79) per share for at least 62% and at most 67% of Log-In’s total issued and outstanding shares.

The bid values Log-In at 2.65bn reais ($506m). MSC said the offer would be done through a share auction within 30 days after the issuance of a public notice.

“MSC believes that, with this transaction, Log-In will be able to further enhance its customer-centric approach to all its existing customers in all its services, including cabotage, inland solutions and container terminal operations,” MSC said.

“The company will analyze the content of the letter, as well as its obligations related to the intended offer,” Log-In management stated on receiving the unsolicited offer late on Wednesday.

As well as a series of terminals across Brazil, Log-In has seven feeder boxships in its logistics portfolio.