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Log-In Logistica has approved the acquisition by MSC of a 67% stake in the company
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MSC initiated a bid to buy from 62% to 67% of Log-In’s total issued and outstanding shares in September
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MSC earlier this month also announced its offer to acquire Bolloré Africa Logistics
The board of directors of Log-In Logistica has approved the acquisition of a 67% stake in the Brazilian containershipping company by Swiss-based container carrier Mediterranean Shipping Company (MSC).
MSC, the world’s second largest container carrier, offered to buy from 62% to 67% of Log-In’s total issued and outstanding shares in September, offering US$4.79 per share in a bid that puts the value of the Brazilian company at over $500 million.
Log-In is a publicly listed feeder operator with a focus on coastwise trade. It has a current fleet of seven container ships in the range of 1,700 TEUs to 2,800 TEUs, while the company transported more than 370,000 TEUs in the previous year.
Maritime industry expert Lars Jensen said that with the board approving the acquisition, MSC will be adding some 15,000 TEUs of capacity to its fleet, placing it ahead of Maersk to become the world’s largest container carrier.
Alphaliner’s top 100 carrier ranking table shows that Maersk has 4,264,054 TEUs of capacity, while MSC has 4,256,172 TEUs and Log-In Logistica has 15,462 TEUs. Hence, MSC’s fleet will add up to 4,271,634 TEUs in capacity with the purchase.
Last December 20, MSC announced it has offered to acquire Bolloré Africa Logistics for EUR5.7 billion (US$6.4 billion). Like other ocean carriers, MSC has been on a buying spree, buoyed by record profits due to the extraordinary high freight rates currently prevailing in the market.
Ocean carriers have been getting their hands on every available vessel, including the smallest classes of container ships, to meet surging demand for water transport.
Photo by Bahnfrend
