UTI in talks to buy freight services

UTI Worldwide said Monday it was in talks to buy controlling interests in two freight forwarding services in Israel, the West Bank and Gaza.

By SETH FREEDMAN
July 11, 2006 10:08

 
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UTI Worldwide said Monday it was in talks to buy controlling interests in two freight forwarding services in Israel, the West Bank and Gaza. Uti, an international logistics company which currently has a presence in Israel and the territories via its UTi Eilat subsidiary and through Newlog as an agent, is seeking to acquire stakes in Newlog and Transclal Trade in order to expand its operations in the region. The prospective purchase of 51% of Transclal from Mordechai Friedman - the company's chief executive officer and majority shareholder - would cost around $20 million. Figures were not disclosed for the planned acquisition of a controlling interest in Newlog, which is owned by Zim Integrated Shipping Services Ltd.

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