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CJ Korea Express ‘may bid for Phoenix International’
Posted on Tuesday, 07 August 2012 14:34
South Korean logistics firm CJ Korea Express may make an approach for privately held US peer Phoenix International, according to Reuters, citing a spokesman for the potential bidder.
Han Jong-hee told the news provider that the Seoul-based freight business is mulling a possible bid, but declined to say if due diligence had been started.
However, local daily Maeil Business Newspaper cited investment banking sources as saying that the process is under way, in what will mark the first overseas acquisition by CJ Korea Express in a bid to position itself as a comprehensive global logistics firm.
Illinois-based Phoenix International is seeking USD 500.00 million from a possible sale, a number of sources told Reuters.
According to its website, the Wood Dale-headquartered company is the largest privately owned, full-service international freight forwarder and customs broker in North America.
Founded in 1979, the group employs 2,000 people and achieved revenue of USD 1.00 billion in fiscal 2011.
Phoenix is also active overseas, with a global network comprising more than 300 locations in 125 countries.
CJ Korea Express was originally founded as Chosun Rice Warehousing in 1930, and became a publicly listed company in 1956.
Following the formation of its US subsidiary Korea Express USA, it has forged a strong presence in the country, with offices in California and New Jersey among other locations.
The company provides a range of services, including parcel delivery and air and sea freight forwarding.
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