Deutsche Bahn supervisory board approves planned Bax buy
Deutsche Bahn AG’s supervisory board yesterday approved plans to acquire US logistics firm Bax Global in a move designed to strengthen the company’s international freight operations, sources said.
Bax, a unit of US security company Brink’s, could cost Deutsche Bahn up to 1 bln eur, the sources said. It has around 12,000 staff and deals mainly in air and sea freight.
The move would help Deutsche Bahn strengthen its logistics arm Schenker. The Deutsche Post AG rival achieved 2004 sales of 8 bln eur.
Deutsche Bahn also said yesterday it is on track to achieve its 2005 earnings target of around 400 mln eur operating profit after interest, up from 253 mln in 2004.
‘The company is right on track, we will stick to our plans,’ said chief executive Hartmut Mehdorn.
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