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transport networks and logistics
This page provides some benchmarks from logistics, rail
and other transport networks, and the waste management
sector for acquisitions and disposals during recent telecommunication
booms/busts and the dot-com bubble.
It covers -
There
is a broader discussion of the rail
and shipping revolutions
elsewhere on this site, along with notes on the shipping
and airline industries.
rail
Rail deals during the 1980s include -
-
Burlington Northern merges with St Louis-San Francisco
in 1980
-
Seaboard Coast Line, Chesapeake & Ohio and Baltimore
& Ohio
merge as CSX in 1982
- Louisville
& Nashville and CSX merge in 1982
- Union
Pacific acquires Missouri Pacific for US$1bn and Western
Pacific for US$25m in 1982
- Southern
Railway and Norfolk & Western merge as Norfolk Southern
in 1985
- Southern
Pacific absorbs St Louis South-Western in 1985
Those
during the 1990s include -
- Union
Pacific acquires Missouri-Kansas & Texas in 1991
- Southern
Pacific acquires Denver & Rio Grande in 1995
- Burlington
Northern acquires Santa Fe in 1995 for US$4bn
- Union
Pacific acquires Chicago & North-Western in 1995
for US$1.1bn
- Southern
Pacific merges with Union Pacific in 1996 for US$5.4bn
- Santa
Fe Southern Pacific agrees to sell Southern Pacific
to Rio Grande Industries for US$1.02bn in 1997
- Norfolk
Southern and CSX acquire Conrail in 1998
- CN
buys Illinois Central for US$2.4bn in 1998
- CN
buys Wisconsin Central for C$1.2bn in 2001
- CN
buys publicly owned BC Rail for C$1bn in 2003
- Macquarie
Bank acquires A-Train (operator of Arlanda Express)
for €44m in 2005
- Deutsche
Bahn buys English Welsh & Scottish Railway for £280m
in 2007
- Canadian
Pacific Railway agrees to buy Dakota, Minnesota &
Eastern Railroad for US$1.5bn in 2007
roads
Recent M&A in road transport includes -
-
FirstGroup pays £1.9bn Laidlaw International (Inc
Greyhound) in 2007
- Macquarie
Bank agrees to buy Stagecoach's London bus division
in a deal worth £263.6m in 2006
-
FirstGroup pays £540m for Ryder in 1999
shipping
Recent M&A activity includes -
- Svitzer
Wijsmuller agrees to pay $693m for tugboat operator
Adsteam Marine in 2007
- DP
World (Dubai) buys ferry and port operator Peninsular
& Oriental Steam Navigation (P&O) for £3.88bn
in 2006
-
TUI (Hapag-Lloyd) buys CP Ships for €1.7bn in
2005
- Kvaerner
mergers with Aker in 2005
- A
P Møller-Maersk buys P&O Nedlloyd for US$2.9bn
in 2005
- CMA
CGM buys Delmas for US$600m in 2005
- Møller-Maersk
buys Sea-Land from CSX for US$800min 1999
- Nippon
Orient Line takes over American President Line for US$800m
in 1997
- Preussag
takes over Hapag-Lloyd for US$1.5bn in 1997
Historic
takeovers include -
- Hapag-Lloyd
created through merger of Hamburg-Amerikanische Packetfahrt-Actien-Gesellschaft
(Hapag) and Norddeutscher Lloyd (NDL) in 1970
- Royal
Mail Steam Packet acquires White Star for US$35m in
1927
- British
India Steam Navigation merges with Peninsular &
Oriental Steam Navigation (P&O) in 1914
- P&O
acquires Blue Anchor Line in 1910
Airlines
Airline mergers include -
-
Southwest buys Muse in 1985
-
TWA acquires Ozark in 1986
-
Northwest buys Republic in 1986
- Texas
Air buys Eastern Airlines in 1986
-
Continental purchases People Express, New York Air and
Frontier in 1987
-
Alaska takes over Jet America in 1987
-
American buys AirCal in 1987
-
Delta merges with Western Airlines in 1987
-
US Air acquires Pacific Southwest Airlines and Piedmont
Aviation in 1987
- American
buys Eastern's Latin American routes in 1990
-
Delta buys PanAm Shuttle and PanAm's European routes
in 1991
-
Southwest buys Morris Air in 1993
-
Delta buys Atlantic Southeast Airlines in 1999
-
American merges with TWA in 2001
-
Delta buys Comair in 2001
- Air
France and KLM merge in 2004
- US
Airways and America West Airlines agree $1.5bn merger
in 2005
logistics
- FedEx
agrees to buy Watkins Motor Lines for US$780m in 2006
- Toll
Holdings acquires stevedoring and transport group Patrick
Corp for $6.3bn in 2006
- Toll
Holdings agrees to acquire Singapore-based Semblog for
$1.16bn in 2006
- Koninklijke
Frans Maas Groep accepts €433m offer from DSV
in 2006
- Electra
Investment Trust agrees to sell Inchcape Shipping Services
to Istithmar for US$285m in 2006
- Brink's
agrees to sell BAX Global to Deutsche Bahn for US$1.1bn
in 2005
- Ferrovial
pays £440m for airport handling company Swissport
in 2005
- Deutsche
Post buys Exel for US$6.8bn in 2005
- DHL
acquires Airborne in 2004
- Exel
buys Tibbett & Britten Group for £328m in
2004
- Deutsche
Post pays US$1bn for Airborne Express in 2003
- Hapag-Lloyd
acquires European rail logistics activities of Brambles
in 2002
- Toll
Holdings acquires Finemores for $120m in 2001
- TNT
Post Group buys US logistics provider CTI Logistx from
CSX for US$650m in 2000
- Ocean
Group and NFC merge as Exel in 2000
- SNCB
buys Thyssen Haniel Logistics from Thyssen in 1998
- KPN
acquires TNT for $2bn in 1996
- Schenker
and BTL merge in 1998
- Stinnes
acquires Schenker in 1991
- Haniel
and Thyssen merge freight forwarding arms as Thyssen
Haniel Logistic in 1998
waste management
Waste management landmarks are -
- Republic
Services agrees to acquire Allied Waste Industries for
US$6.07bn in 2008
- Terra
Firma Capital sells WRG to Fomento de Construcciones
y Contratas (FCC) for £1.4bn in 2006
-
Brambles Industries sells UK Cleanaway waste management
business to Veolia Environnement for £595m in
2006
- KKR
acquires Australian waste management and industrial
services operations of Brambles for $1.83bn in 2006
- CVC
Capital Partners acquires Holding AVR Bedrijven (largest
Netherlands waste management enterprise) from city of
Rotterdam for €1.4bn in 2006
- Terra
Firma Capital buys Shanks' landfill assets for £227m
in 2004
- Terra
Firma Capital buys WRG (Waste Recycling Group) for £531m
in 2003
- Waste
Management merges with USA Waste in US$13bn deal in
1998
For
consolidation in the shipping industry see in particular
Mary Brooks' Sea Change in Liner Shipping: Regulation
& Managerial Decision-Making in a Global Industry
(Oxford: Pergamon 2000) and her 2000 Restructuring
in the Liner Shipping Industry: A Case Study in Evolution
(PDF)
and other works highlighted here
and here. Works on
airlines are here and
here.
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insurance and leasing sectors)
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