Deutsche Post will sell its 24.8 pct stake in Transoflex
Deutsche Post World Net AG will sell its 24.8 pct stake in
parcel delivery company Transoflex and possible interests could come from US
financial investors such as Chase Manhattan and JP Morgan, according to a
prerelease of tomorrow’s Die Welt, citing sources.
It said Deutsche Post is selling its stake because it anticipates a German
appeals court to confirm a lower court ruling that disallowed its 1997
acquisition and its plans to completely takeover the company.
The German cartel office in 1997 had initially cleared the acquisition with
conditions but then blocked the November 2001 complete takeover. In 2001 it also
declared the 1997 partial acquisition as invalid.
Deutsche Post and Transoflex subsequently sued the cartel office but lost in
the lower court.
