Shipping giant CMA CGM buys UK's Wincanton

French shipping giant CMA CGM on Friday agreed to buy UK logistics company Wincanton for just under £569 million, as it pursues expansion in Britain and Ireland.

CMA said in a statement that the boards of its subsidiary CEVA Logistics UK Rose Limited and that of Wincanton plc have "reached agreement" on a cash offer worth the equivalent of $719 million.

The offer, pitched at 450 pence per share, represents a 52-percent premium on Thursday's closing price.

Wincanton, which describes itself as a "leading supply chain partner for British business", employs 20,300 people across 170 sites in Britain and Ireland. It operates 8,500 vehicles.

"I am very excited about the prospect of working with Wincanton's experienced leadership team and the power of the combination with our logistics arm, CEVA," said CMA CGM chairman Rodolphe Saade.

"As a leading and trusted supply chain partner for many well-known British and Irish brands, Wincanton perfectly aligns with the CMA CGM group's ambition to further expand its presence in this strategic region."

Friday's announcement sent Wincanton's share price soaring almost 48 percent to 438.50 pence on the London stock market.

"The UK takeover machine whirred back into action," said Russ Mould, investment director at stockbroker AJ Bell, in reaction to the news.

"A successful bid would end Wincanton's 23 years on the UK stock market, during which it has battled difficult periods plagued by high levels of debt and several profit warnings but still managed to come out the other end intact."