Deutsche Post confirms in talks to buy KarstadtQuelle logistics ops
Deutsche Post AG has confirmed it is in talks to buy the
logistics operations of troubled retail group KarstadtQuelle AG.
‘We have made an offer, but a contract has not been signed yet,’ a Post
spokesman said.
A Karstadt spokesman also confirmed a deal is in the offing.
‘The negotiations are well advanced,’ he said, but declined to comment on
when the deal might go through.
Sale of Logistics Co. to Deutsche Post Delayed
December 10, 2004 — [Transport Intelligence]
“Deutsche Post’s bid to acquire KarstadtQuelle’s logistics subsidiaries could now be delayed due to difficulties in contract negotiations. Although at one stage it seemed that an agreement was imminent, latest reports suggest that the two parties have not yet been able to agree on the number of employees which will be transferred following the acquisition. This could delay a decision to next year.”
Karstadt, which is undertaking a radical restructuring in an attempt to
return to profitability, has said it expects to reap around 1 bln eur from the
sale of subsidiaries. Between 200 and 400 mln eur of that is expected to come
from the sale of its logistics operations.
Deutsche Post submitted a request to the German cartel office to buy
Karstadt’s logistics operations on Dec 1, according to a statement on the cartel
office’s website.
