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Monday, October 20, 2014

Australia's Cabcharge says rebuffs M&A talk from NY-listed FleetCor, (NYSE: FLT)

Cabcharge Australia Ltd, the country's only listed taxi payment company, said it had rebuffed an approach from FleetCor Technologies Inc to purchase its core payments business. Australian media reported that the New York-listed firm had made an approach to acquire the Cabcharge unit for A$500 million ($439 million).Sydney-based Cabcharge said on Tuesday that FleetCor had made "an initial approach to investigate a transaction", adding that the FleetCor approach had no financial terms."Having considering the options available to Cabcharge, the board chose not to pursue FleetCor's approach," Cabcharge said in the statement to the Australian Securities Exchange.Australian inbound M&A activity fell the most in a quarter of a century in the three months to end-September as plummeting commodity prices and a faltering local stock market challenged the appetite of overseas investors for the country's assets.

FleetCor Technologies, Inc. is an independent global provider of fuel cards and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America and Europe. Shares of FLT fell by 0.14% or $-0.19/share to $133.11. In the past year, the shares have traded as low as $101.48 and as high as $149.92. On average, 694534 shares of FLT exchange hands on a given day and today's volume is recorded at 476813.