Few industries are more exposed to the forces of globalisation than logistics. As supply chains are stretched across oceans and continents, manufacturers and retailers are increasingly looking for logistics partners with international capabilities.
This pressure to go global helps explain the wave of consolidation that has swept through the industry over the past two years, as logistics companies have raced to expand around the world. By far the biggest deal was Deutsche Post's £3.7bn takeover of Exel, the UK-based logistics group, in 2005. Others included the $1.1bn merger of Deutsche Bahn, the German rail operator, and Bax Global, the logistics arm of US-based Brink's. Another was the €490m acquisition of Paris-based ACR Logistics by Kuhne & Nagel of Switzerland.
