Exel shares rise on takeover talk

Exel shares rise on takeover talk    Shares in United Kingdom-based Exel increased sharply on the London stock exchange last week on unconfirmed rumors the large British logistics and forwarding group may be the target of a takeover by UPS or another buyer.
   The company’s share price rose about 5 percent to 785.5 pence ($14.80) over the course of last week, as initial rumors were fueled by a statement made by UPS chief financial officer Scott Davis that his company would consider acquisitions in freight forwarding and logistics. “The comments added to dealing-room chatter ' that Exel could be a target for German rival Deutsche Post, Fedex or UPS,” Reuters reported.
   “I’m sure from time to time others look at us and wonder whether we’d be a good buy for them. But we are certainly doing nothing to encourage them,” John Allan, chief executive of Exel, told CNBC television.
   A spokeswoman for Exel in London would not comment on the takeover rumor.
   UPS, which completed the takeover of Menlo Worldwide Forwarding Inc. from CNF Inc. in December, wants to diversify its activities beyond express packages.
   A takeover of Exel would be significant because the U.K.-based international group is one of the largest European-based logistics service provider and also features among the world’s top contract logistics and air freight forwarding companies. It is the result of the merger in 2000 between NFC plc, then the parent company of contract logistics operator Exel, and Ocean Group plc, the parent of global forwarding and logistics group MSAS Global Logistics.