DHL Airways to Sell Itself to CEO
HL Airways Inc. said its new chairman and chief executive officer, John Dasburg, has agreed to acquire the cargo carrier, a move that could complicate a dispute involving United Parcel Service and FedEx Corp., news services reported Wednesday.
Dasburg, the former Northwest Airlines chief executive, heads a group that planned to buy the 25% voting stake held by Deutsche Post AG, the Journal said. Dasburg also planned to acquire the 75% owned by William Robinson.
The transaction is expected to be completed within the next three weeks, the article said. Terms were not disclosed.
The Journal said that despite DHL's ownership change, FedEx and UPS are expected to claim that DHL Airways is still under Deutsche Post control because it relies on the German company for so much of its revenue. A decision is expected by Sept. 2.
The DHL deal comes weeks after DHL Worldwide announced plans to acquire the ground delivery business Airborne Inc., leaving its airline-delivery business independent to avoid any questions about foreign ownership, the Times reported.
DHL Airways and DHL Worldwide Express are the U.S. partners of Brussels, Belgium-based DHL International Ltd., which in turn is owned by Deutsche Post, the German postal system.
The mostly German government-owned Deutsche Post has stepped up its efforts in worldwide delivery, raising concern from UPS and FedEx, the Associated Press reported.
If Yoder decided to strip DHL Airways of its license to fly cargo, it could threaten approval of the Airborne deal by raising similar issues of foreign control, the Journal said.
On Tuesday, DHL said it would move its corporate headquarters to Miami from Chicago next month. (Click here for the full story.)
