KUEHNE & NAGEL PREPARES TO SELL SHARES TO PUBLIC
Kuehne & Nagel, the major Swiss forwarding and logistics group, confirmed that it plans to sell shares to the public.
A spokesman for the Swiss group said that the “freefloat” of shares — shares that are not held directly nor indirectly by group owner Michael-Klaus Kuehne — will be raised from 18.1 percent to 30 percent.
Details of the number of shares due to be sold and the reason for the change of shareholding structure will be announced on Wednesday (April 12).
The board of directors of Kuehne & Nagel will also propose to the annual general meeting of May 15 the adoption of a single-share structure based on registered shares with a nominal value of 50 Swiss Francs ($32).
The Swiss group’s plan to sell shares confirms a trend among logistics operators — such as UPS, Deutsche Post and Schenker parent company Stinnes — to tap stock market investors for expansion funds.