Feb 10, 2021 | E-Commerce, Parcel |
Chinese logistics giant S.F. Holding Co has offered to buy a 51.8% stake in Hong Kong-listed Kerry Logistics Networks Ltd, it said in an exchange filing on Tuesday, reports Reuters.
The offer, at HK$18.8 ($2.43) per share and valuing the total transaction at HK$17.6 billion, will be conducted by S.F. Holding unit Flourish Harmony Holdings Co Ltd, it said in the filing. The price represents a 19.83% discount to the stock’s last close of HK$23.45 on Feb.4, prior to a trading halt.
Kerry Logistics Networks will retain its listing on the Hong Kong stock exchange upon completion of the deal, S.F. Holding said, although the public float would be reduced to 15% of the company from 25%.
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HONG KONG (Reuters) - Chinese logistics giant S.F. Holding Co has offered to buy a 51.8 percent stake in Hong Kong-listed Kerry Logistics Networks Ltd, it said in an exchange filing on Tuesday.
The offer, at HK$18.8 ($2.43) per share and valuing the total transaction at HK$17.6 billion, will be conducted by S.F. Holding unit Flourish Harmony Holdings Co Ltd, it said in the filing. The price represents a 19.83% discount to the stock’s last close of HK$23.45 on Feb.4, prior to a trading halt.
Kerry Logistics Networks will retain its listing on the Hong Kong stock exchange upon completion of the deal, S.F. Holding said, although the public float would be reduced to 15% of the company from 25%.
SF Holding Co, one of the largest Chinese package-delivery services, is seeking to acquire control of tycoon Robert Kuok’s Kerry Logistics Network Ltd in a HK$17.6 billion (US$2.3 billion) deal.
SF Holding to take over Kerry Logistics
GROWTH STRATEGY: The deal is to help the Chinese company boost its distribution network throughout Asia and make Kerry Logistics its main vehicle for the expansion
Bloomberg
SF Holding Co (順豐控股), one of the largest Chinese logistics firms, is seeking to acquire control of Malaysian billionaire Robert Kuok’s (郭鶴年) Kerry Logistics Network Ltd (嘉里物流) in a HK$17.6 billion (US$2.3 billion) deal for its global expansion.
The Chinese courier plans to buy a 51.8 percent stake in Hong Kong-listed Kerry Logistics at HK$18.8 per share, according to a joint statement to the Hong Kong Stock Exchange released yesterday.