I have spent a fair amount of time going through the investor day material of GXO Logistics, the XPO Logistics spin-off, which promises to be a benchmark deal in logistics for some time to come.

While a comprehensive review of that tax-free deal, based on the latest available information, is due tomorrow – it was about one hour and eight minutes of prepared remarks “only”, ahead of the Q&A session – there remains one key, possibly underrated, element to the transaction.

Which ...

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