Kuehne + Nagel sells stake in SembCorp Logistics

Kuehne + Nagel sells stake in SembCorp Logistics    Kuehne + Nagel International AG, a freight forwarding and logistics services company based in Schindellegi, Switzerland, said it has sold its stake in SembCorp Logistics Ltd., following the termination of a commercial agreement between Kuehne + Nagel and SembCorp Logistics.
   J.P. Morgan (S.E.A.) Ltd. Singapore acquired Kuehne + Nagel's stake of 42.5 million shares, or 5 percent of the share capital of SembCorp Logistics, for 'subsequent placement with international institutional investors. The total purchase price amounts to S94.6 million ($57 million),' Kuehne + Nagel said in a statement.
   'This step completes the unwinding of a cross-shareholding agreement between SembCorp Logistics and Kuehne + Nagel,' the statement noted.