Deutsche Post to Buy Logistics Unit
Soon after launching a $1.14 billion bid to acquire U.S.-based freight forwarder Air Express International in November, Deutsche Post AG said its Danzas Holdings unit will buy Royal Philips Electronics NV’s Austrian logistics unit, Vindo Logistik.
The stock sale is scheduled for fall 2000, but may be delayed by a legislative proposal that would add about 2 billion deutsche marks ($1.1 billion) to its tax bill, and by an annual revenue cut of as much as 1.5 billion marks if the post office enacts its plan to lower stamp prices.
Vindo Logistik ships supplies to Philips’ Austrian plants and brings products to Eastern Europe. The deal is expected to close by Jan. 1.
Deutsche Post, Germany’s state-owned postal service, plans to combine Air Express with Danzas to create the world’s largest air freight forwarder (11-22, p. 1).
In a separate development, the German Finance Ministry hired HSBC Investment Bank to advise it on next year’s sale of Deutsche Post.
For the full story, see the Dec. 13 print edition of Transport Topics. Subscribe today.
