Transportation Industry
UTi Says It Is Negotiating To Acquire 2 Mideast Cos.
Transport Topics, July, 2006 by Anonymous
Freight forwarder UTi Worldwide Inc. said it is in separate negotiations to acquire two Middle Eastern companies - Newlog Ltd. and Transclal Trade Ltd.
The companies to he acquired are two freight forwarders operating in Israel.
If the deals are completed and receive regulatory approval, UTi, Rancho Dominguez, Calif., expects to own a controlling interest in the combined companies. UTi said the companies would all he combined under the UTi Eilat umbrella, though the exact structure is not yet clear.
UTi said it is negotiating the acquisition of 51% of Transclal from its majority shareholder and chief executive officer, Mordechai Friedman, for about $20 million.
Terms of the potential acquisition of a controlling interest of Newlog from its parent company, Zim...
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