Maersk, the world's largest container shipping company, announced that it had reached an agreement to acquire LF Logistics, a contract logistics company headquartered in Hongkong, China, with a transaction amount of US$ 3.6 billion.
Li & Fung Logistics is a private enterprise jointly owned by Li & Fung (78.3%) and Temasek Holdings (2 1.7%), which provides contract logistics services in Asia and freight management services around the world. It is understood that from 2065438 to August 2009, Temasek acquired 2 1.7% equity of Li & Fung Logistics. At that time, the valuation of Li & Fung Logistics was about1400 million US dollars, and the price paid by Maersk was much higher than this valuation.
On March 20, 2020, Pross and the Feng family announced that they would submit a privatization offer to Li & Fung Co., Ltd. and make an announcement on the Hong Kong Stock Exchange. According to the plan, the total amount is about HK$ 7.223 billion.
This means that at the time of privatization, Prologis accounted for nearly 70% of the shares. It is worth noting that as the largest shareholder of Li & Fung, Pross has also become one of the biggest beneficiaries of this huge acquisition.