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Rumour boosts shares
Page 18
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ANALYSTS HAVE dismissed rumours that Swiss logistics firm Kuehne & Nagel (K&N) is poised to launch a takeover bid for Exel.
The rumour developed after ICS.cH boss Klaus-Michael Kuehne told German newspaper Handelsbiatt that he was looking for a European takeover.
Mark McVicar, analyst at Dresdner Kleinwort Wasserstein, is among the sceptics. He says: "Somebody has put two and two together and got 500. The fact is that the companies are of a similar size and K&N has got quite a bit of debt. which means the financing of the deal would be very difficult." McVicar adds that the different management regimes of the companies also make a takeover Exel is a FTSE 100 firm with the usual public company board,whi le Kuehne himself owns 57% of K&N.
Exel shares, which had slumped to under 700p from 760p in June, hit 715p at the end of last week after the rumour emerged.
An Exel spokeswoman says the company does not comment on market speculation.