French shipping firm CMA CGM is set to buy British logistics company Wincanton in a deal value $700mn that will take CMA CGM latest push in logistics to the UK supermarket segment.

Through its CEVa logistic unit, CGM has made all cash offer for Wincanton of 450 pence per share offer, showing a premium of 52% to Wincanton stock closing price of 297 pence on Thursday, the two firms said.

CMA CGM privately managed by Saade family has made a series of acquisitions in logistic companies, french media and port terminals, helped by mega shipping profits in the wake of Covid-19 pandemic.

Wincanton is active in the Ireland and UK in markets from consumer goods and food to defence and fuel and operates over 170 sites. Wincanton shares jumped 47% trading on Friday and touched their highest since july 2021.

Wincanton expressed its board intend to unanimously recommend that its shareholders vote in favour of CMA CGM bid, which would lead to the UK company being delisted from the stock market. The companies said ” The offer values Wincanton at 566.9 million pounds on a fully diluted basis.

” it is a unique opportunity to expand CEVA offering in the UK and to acquire complementary grocery and consumer expertise”