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Mark VII Inc., an intermodal and logistics company based in Memphis, Tenn., has agreed to a buyout by MSAS Global Logistics, a unit of Ocean Group plc, for $23 a share in cash.

This afternoon's headlines: Rising fuel prices may trigger surcharges in Canada; A columnist stresses the need for change management; and Hendrickson unveils new suspension systems.

Apollo Management, a private investment firm with a stake in several transport companies, is helping to finance the buyout of Corporate Express of Broomfield, Colo.

A tractor-trailer driver who slammed into a state police cruiser on Interstate 65 is charged with failing to yield to a police officer under Indiana's new slow down and move over law.

Overnite Transportation Co. reported profits rose 13.7% in the second quarter of 1999, and that revenue and net income in the first six months of the year were the best since 1994.

In the news this morning: NFC, North American Van are in talks; British truckers pledge more protests; and Motor Cargo shrugs off Chicago unit shutdown.

The two major sectors of trucking are moving in opposite directions financially, with second-quarter earnings reports showing truckload carriers bouncing off a particularly grim first quarter and the less-than-truckload companies reverting to the more slender profit levels of two years ago.

Preston Trucking Co. said it has ceased operations effective July 26. The less-than-truckload carrier will make no further pickups, but says will deliver all freight currently in the system.

The staff of the House Transportation Committee is circulating a rough draft of a proposal to create a separate motor carrier administration within the Department of Transportation.

This afternoon's headlines: Oshkosh Truck launches new plow truck for municipal market; Freightliner to make ad agency decision soon; and Net start-ups globalize the Web.