Austrian Post said planning to buy German Transoflex
Austrian state-owned postal company Oesterreichische Post (Post AG) plans to buy German logistics company Transoflex for up to 500 mln euro ($584.4 mln) , Austrian daily Kurier reported on November 11, 2005.
A Post AG spokesperson declined to comment the report saying the company had a growth programme which envisages acquisitions both in eastern and western Europe.
The deal could be carried out by the end of 2005, according to Kurier. The 500 mln euro corresponds to Post AG’s total investments planned for expansion in the neighbouring countries by 2008.
Transoflex is owned by Berlin-based investment company Odewalt & Compagnie which bought it from German postal company Deutsche Post and Bayerische Landesbank in the spring of 2005.
Transoflex generated 430 mln euro ($502.58 mln) in revenue with a workforce of 700 in 2004. It has 2,000 employees in 40 mail distribution centres.
The possible acquisition of Transoflex could accelerate the planned Post AG IPO, Kurier said.
Adapted by AII Data Processing for APA.
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