SG Fleet, ORIX, Sumitomo raise bids for Australia's FleetPartners

By Reuters News

Sept 14 (Reuters) - Australia's FleetPartners FPR.AX said on Monday it had received revised offers from SG Fleet, Japan's ORIX 8591.T and a consortium led by Sumitomo Corp 8053.T, valuing the vehicle leasing firm at up to A$982.1 million ($702.2 million).

FleetPartners' stock jumped nearly 12% to a record high of A$4.6 as of 0027 GMT.

SG Fleet has increased its offer to A$4.55 per share, while ORIX and Sumitomo have raised their individual offers to A$4.65.

The sweetened offers value the company at between A$960.9 million and A$982.1 million, topping SG Fleet's previous leading bid of A$844.8 million.

FleetPartners added that Canada's Element Fleet EFN.TO has dropped out of the race after opting not to submit a revised proposal.

The board has decided to grant each of SG Fleet, ORIX and the Sumitomo Consortium access to a further phase of due diligence, the firm added.

($1 = 1.3986 Australian dollars)

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