Log-In – Logística Intermodal’s board of directors has accepted the offer made MSC Mediterranean Shipping Company to acquire the company.
In September, MSC lodged a bid to purchase a controlling stake in Brazilian domestic carrier Log-In Logistica through Sas Shipping Agencies Services, a wholly-owned subsidiary of MSC.
Log-In is a publicly listed feeder operator with a focus on coastwise trade. It also operates one container terminal, the Vila Velha Terminal (TVV) in the state of Espírito Santo.
It has seen a 20% growth in volume over the past six years, and it has recently expanded from its home market in Brazil to serve new customers in Argentina. The company operates seven container feeders of between 1,700 teu and 2,800 teu.
MSC asked Brazil’s competition regulator, the Administrative Council for Economic Defense (CADE), for permission to purchase up to 67 % of Log-In’s shares.
The acquisition would happen through a public offer process, and MSC said at the time that it would tender an initial offering price of $4.73 per share – a 67% premium over Log-In’s share price.
The world’s top container lines are on a buying spree driven by unprecedented profits over the last 18 months. Earlier this week MSC made a $6.4bn offer for Bollore Africa Logistics.
Source: Seatrade Maritime News