Shipping giant MSC plans to acquire well-known freight forwarder CLASQUIN

Yves REVOL and OLYMP, the controlling shareholders of CLASQUIN SA, a well-known French freight forwarder, announced that they have entered into exclusive negotiations with SAS Shipping Agencies Services Sàrl ("SAS"), a subsidiary of Mediterranean Shipping Company (MSC), with a view to selling their holdings. Some account for 42% of all shares in Clasquin SA.

Yves REVOL and OLYMP have granted this exclusivity following receipt of a non-binding offer from SAS to enable the latter to carry out the audit of Clasquin SA and its group companies.

Subject to the positive conclusion of this audit, SAS will grant put options to Yves REVOL and OLYMP in the first quarter of 2024. The purchase price of the shares will be determined based on an enterprise value of €325 million, taking into account the adjustments agreed upon by both parties.

The final legal documentation related to the acquisition will be finalized upon completion of information and consultation procedures with the relevant employee representative bodies. Completion of the transaction is subject to approvals from the competent authorities, including competition clearances.

After acquiring controlling stakes in Yves REVOL and olympic, SAS will submit a public offer to the French Authority for Financial Markets (AMF) to acquire the remaining shares in Clasquin SA.

Shares of Clasquin Group, which is listed on the Paris Stock Exchange, surged more than 51% after the news was announced.

Barring major adjustments, the acquisition will generate a very substantial premium, with the company currently valued at €204 million. Analysts at Oddo BHF said in a note that they raised their price target on the stock to 134 euros from 95 euros following the news.

Clasquin Group will continue to participate in its business activities with its team and group brands (in particular Clasquin, Timar, LCI-Clasquin Cargolution, CVL, Exaciel).

Clasquin SA will update the market on the progress of the negotiations in due course.

CLASQUIN SA is a French medium-sized multinational enterprise integrating freight forwarding (air and sea freight) and overseas logistics. The Group designs and manages the entire overseas transport and logistics chain, organizing and coordinating the flow of customer freight between France and the rest of the world, more specifically for the Asia-Pacific, North America, North Africa and Sub-Saharan Africa regions. Provide customers with 40 years of mature and reliable comprehensive logistics solutions. CLASQUIN entered Greater China in 1983 and opened branches in Hong Kong, Shanghai, Beijing, Qingdao and other places. Up to now, CLASQUIN has opened offices in 25 countries around the world with more than 1,600 employees.