Schenker Bidding War: CVC raises offer
Hamburg-based logistics company Schenker is the subject of a bidding war between private equity groups, with CVC Capital Partners improving its offer as it faces competition from Blackstone.
CVC raises Schenker offer, document shows
CVC has increased its offer for Schenker to €20 billion, according to a document seen by Bloomberg. The move comes after rival Blackstone Group made an offer of €19 billion for the company.
Schenker is a leading global logistics provider, with operations in over 130 countries. It is a subsidiary of Deutsche Bahn, the German national railway company.
The bidding war for Schenker reflects the growing interest in the logistics sector. The COVID-19 pandemic has disrupted global supply chains, and companies are increasingly looking for ways to improve their logistics operations.
CVC and Blackstone are both experienced private equity investors with a track record of success in the logistics sector. CVC has invested in companies such as Ceva Logistics and P3 Logistic Parks, while Blackstone has invested in companies such as Kuehne + Nagel and GLP.
The outcome of the bidding war for Schenker is uncertain. However, it is clear that there is a lot of interest in the company, and that the winning bid is likely to be high.
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