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156 
incanton buys P860
Page 7
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anton is on course *me the UK's secrgest haulier with 152.5m purchase of contract logistics Lion. Earlier this the two companies need the acquisii the City of London ject to approval by rrton shareholders, be completed on ember.
0 put the Trans ow business up for
n the summer, as tly as last week it I as though negotiwere going to run into the ear. Now a deal has been
and P&O drivers and NIII be getting used to hay o w employer (see box). well as ending an uncer'cried for the workforce, eal creates a giant road ge company second only to size, with 5,200 tractors 600 trailers. The two businesses are a neat fit in terms of customer base — Wincanton Is primarily focused on the retail and consumer sectors, while Trans European has a mainly industrial and petrochemical base.
However, the main motivation is the purchase of P&O's continental businesses. Wincanton has made no secret of its plans to expand into mainland Europe and P&O offers it a readymade supply chain on the continent.
P&O's decision to sell was undoubtedly influenced by its minimal profits: operating profit for the six months to 30 June 2002 was just £4.7m.