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Take-over - USA - GM moves to buy out Vector SCM joint venture
USA -Transport Intelligence On Line (UK)/Press Release -30 June 2006: -- Con-way, the American trucking and logistics company, has announced that General Motors (GM) has moved to take-over Vector SCM. Established in 2001, Vector was a joint venture between GM and Menlo, a subsidiary of Con-way (then called CNF), designed to manage the purchasing and planning of all of GM’s transport needs worldwide... Con-way released a statement yesterday (Thursday 29th ) stating that “it received notice from General Motors Corporation of its intent to exercise its call right and enter into negotiations to purchase Vector SCM,… the terms of the joint venture give GM the right to exercise a buy-out of Vector, subject to agreement on valuation, terms and conditions” ... Con-way admitted that it was not expecting the approach from GM...
posted by Unknown @ 9:41 AM
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