After engaging in exclusive negotiations that began late last year, MSC subsidiary Shipping Agencies Services (SAS) and Clasquin Group have come to an agreement where SAS will acquire a 42% stake in the French forwarding company. There are intentions for SAS to eventually purchase the remaining capital through the stock market.
Currently, the majority of the shareholding is held by chairman Yves Revol and private equity firm Olymp based in Lyon. SAS has made an offer of just over €142 per share, exceeding the anticipated range of €130-€140 set by financial experts, valuing the stake at €325m.
The transaction has the support of Clasquin’s CEO and senior management team, who have agreed to tender their shares in the takeover bid, accounting for approximately 8.5% of the share capital.
Pending regulatory approval, the transaction is expected to be finalized by the end of the year. Following this, SAS will initiate a public tender offer with the French financial markets authority (AMF) for the remaining shares of Clasquin at the same price per share. A compulsory delisting may be implemented if conditions allow.
During a conference call held after the release of the company’s 2023 results, Clasquin CEO Hervé Morin disclosed that MSC had expressed interest in the acquisition, despite there being no official sale mandate issued. Morin assured that post-acquisition, the current management team and brands of Clasquin will be retained.
One potential area of collaboration between Clasquin and MSC’s subsidiaries may lie in Africa, particularly with Africa Global Logistics (AGL), previously known as Bolloré Africa Logistics. Clasquin could provide AGL with its international forwarding network for shipments to and from the African continent, as Morin highlighted.
Clasquin has seen significant growth in Africa in recent years and is in the process of acquiring full control of its Moroccan subsidiary, Timar, which operates in multiple African countries. The company based in Lyon reported a turnover of €562.1m in 2023, a 35.9% decline from the previous year as markets normalized, with a net profit decrease of 16.2%, totaling €18.3m.
