SYB symbion health limited

MAY-sells logistics

  1. 237 Posts.
    MELBOURNE, Nov 1 (Reuters) - Australian health care group Mayne Group Ltd said on Thursday it had sold its logistics business to a group of trade buyers for A$456 million ($251 million), negating a planned demerger.

    "While Mayne's preparations for a demerger were being progressed concurrently with the trade sale process and were on schedule, the trade sale provides a more immediate and certain value for shareholders," Mayne Chief Executive Officer Stuart James said in a statement to the Australian Stock Exchange.

    Unlisted transport group Linfox is to buy the Australian and Asian logistics and cash logistics business, Deutsche Post unit DHL Express takes the Canadian express business, and Australian transport group Toll Holdings Ltd buys the Australian express business.

    Mayne shares closed down 0.8 percent at A$3.57, valuing Mayne at A$2.9 billion.

    Its shares have been battered from a high of A$7.57 a year ago following a slump in the group's hospitals
 
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