CMA CGM is fighting an uphill battle to acquire UK logistics company Wincanton, whose board has thrown its weight behind a rival offer.

Directors at London-listed Wincanton have formally accepted an offer from US-listed GXO Logistics, which has submitted a significantly higher bid.

The UK haulage company is backing a £762m ($965m) takeover offer from the US firm and has withdrawn its support for an earlier bid submitted from the French shipping and logistics group.