Ocean, NFC Merge

Friday, February 25, 2000
Ocean Group Plc has agreed to merge with rival NFC Plc to form a $4.4 billion logistics group with the world's second highest revenues. To be known as Exel Plc, it will have pro forma revenues of more than $5.6 billion. It will also have the scale and global reach to harness runaway growth in freight handling driven by e-commerce. Ocean will offer .28 new shares for each NFC share and "new Exel" - NFC is changing its name to Exel this month - will be around 50 percent-owned by each company's shareholders. The merger pairs Ocean's leading position in air freight forwarding through MSAS Global Logistics with NFC's strength in supply chain services.
Maritime Reporter August 2013 Digital Edition
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