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Suitor-friendly CS
Page 5
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• The boss of Christian Salvesen says the logistics company will continue to generate takeover interest because it is one of the most profitable In the UK.
Edward Roderick's assertion came after talks with an unnamed potential buyer ended last week.
Roderick and his management team have been undermined by a succession of profit warnings but he told CM In spite of the fact that our profits have reduced over the last two years, we are still one of the most profitable in percentage terms of British logistics businesses,
"Of our UK competitors, we have better margins in mainland Europe than they do and we have at least as good [margins] as their average In the UK. We are a highly cashgenerative business. The view of speculators generally is our business is undervalued."
It is not the first time that Salvesen has been the focus of takeover speculation. Hays made an approach in 1997 and Swedish Investor AS Custos subsequently expressed an Interest as well.
But Roderick says: "We have never actually had anybody who has made a formal bid for the company. Even when we have had informal talks, it has never been at a level equivalent to the board's valuation. Under British law, the board has to serve the interests of their shareholders and obtain sufficient value for the business."