Japan's Nippon Express to join ANA-Japan Post cargo venture
Nippon Express Co and Mitsui OSK Lines Ltd will invest in an international cargo airline that All Nippon Airways Co (ANA) and Japan Post plan to jointly establish, the Nihon Keizai Shimbun reported without citing sources.
Nippon Express and Mitsui OSK will take stakes of about 10 pct and 5 pct respectively in the joint venture.
The new company will be capitalized at 30 mln yen and will be set up in February initially as a wholly owned subsidiary of ANA, the report said.
The airline will then sell a portion of its stake to Japan Post, Nippon Express and Mitsui OSK in April, when Japan Post is allowed to enter the international shipping business.
As a result, ANA’s stake will decline to 51.7 pct and Japan Post’s will reach 33.3 pct.
The joint venture, which will use ANA cargo planes, plans to enter the international express delivery business to compete with Federal Express Corp and DHL International Ltd.
It will concentrate on small-lot cargo bound from Japan to Asia. In October, it intends to open a North American route and expand its network to include cargo between Asia and North America.
