Deutsche Post Austrian talks near collapse
Plans by Deutsche Post to acquire a majority stake in Austria’s post office are on the brink of collapse over the lack of political backing.
The Austrian deal is central to the German postal and logistics supplier’s plans to expand its pan-European mail network.
OIAG, the Austrian state holding group and 100 per cent owner of the post office, was considering the privatisation of 50 per cent of the country’s post office by 2006.
OIAG is still considering various options, including the search for a strategic partner.
The potential sale to Deutsche Post, however, is understood to be an option that would face political disapproval, FT Deutsch-land, the FT’s sister paper, has learnt.
“Why should the German state be a better enterprise than the Austrian state?” said Gunter Stummvoll, government spokesperson for OVP, the People’s party, in an interview with FT Deutschland.
Mr Stummvoll was sceptical about the prospect of selling the post office to its German competitor, majority owned by the German state.
Any deal would require a change to Austria’s privatisation law, which would require a consensus in the coalition government of chancellor Wolfgang Schussel’s centre-right People’s party and the far-right Freedom party.
“If we are going to be privatised it is in the hands of the owner. But at the moment, there is no need,” said Anton Wais, director general of Austria’s post office.
Last week, Swisscom’s third attempt in two years to buy Telekom Austria collapsed after the Austrian government withdrew amid political controversy over the deal.
The talks between the OIAG and Deutsche Post over the acquisition of a 74.9 per cent stake, which first started two years ago, were put on ice following public discontent.
The OIAG had restarted the privatisation talks this year and was expected to make a decision over a partial sale in the autumn.
Under the latest plan, Deutsche Post, in the first instance, would have acquired a 25.1 per cent stake.
Following the failure of Swisscom to buy Telekom Austria, leading representatives of the centre-right People’s party are understood to have changed their position regarding the privatisation plans of the country’s post office.
Claus Raidl, economic adviser to the People’s party and a close ally of Chancellor Schussel, said he could not see “how the value of the post office would be increased by a German involvement” as there would be “no advantages” to be gained by the German entrant.
Separately, TPG, the Dutch mail and logistics company, is also understood to be interested in acquiring a stake in Austria’s post office.
