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Stobart is open to merger possibility
Page 6
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toanna Avison reports on the latest moves between UK stalwart :ddie Stobart and French giant Norbert Dentressangle.
DDIE STOBART has buffed overtures of a takeover om French haulier Norbert entressangle (ND), but might Insideramerger.AndrewTinkler, 'airman at Eddie Stohart's rent WA Developments, insists c company is looking for an vestment in the business, rather an a takeover, despite ND's imission that it would like to buy e UK's highest-profile haulier. In an interview with C:M's ablemate Motor Transport, D chief executive Jeanlaude Michel says: "[Buying ddie Stobart] could be a good lportunity for us, but there are lot of candidates and many tancial institutions also looking. 3 we aren't very optimistic about ir capacity to do that."
He adds that ND expects to substantially larger in the UK y, the end of 2007, either in its logistics or transport operations, but it has no other firm acquisition targets at present.
Speaking to CM, Tinkler is adamant the company has no plans to sell Eddie Stobart — though it is seeking investment (CMS March):"We've gone out to all areas to look at the market and what we'd be interested in doing, and we wouldn't be interested in selling Eddie Stobart."
But Tinkler does not rule out the possibility of a merger: "There might be something we can do to link two businesses together to make savings."
David Pattison, senor analyst at Plimsoll, says: "ND is extremely profitable. It certainly has the cash behind it to finance a merger. There's no doubt Eddie Stobart is an extremely attractive proposition [to ND] — there's the brand and an opportunity for Norbert to gain an even stronger foothold in the UK."
Pattison adds that for Eddie Stobart, the attraction could lie with the potential cash injection, giving it the opportunity to get on a firmer financial footing: "It's a chance for both businesses to expand rapidly."
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