Deutsche Post plans no large acquisitions – CEO
German postal service group Deutsche Post AG has no plans for large acquisitions in the next two years, but is always in search for ones under 250 mln euro ($305.9 mln), CEO Klaus Zumwinkel said on April 17, 2006.
Deutsche Post is interested in smaller acquisitions in the mail business outside Germany, or deals in Asia, Zumwinkel said.
“Asia is the growth market,” he said. “But China is a test case to sustain growth. Personally, I expect a lot from China,” he said.
Deutsche Post’s express and logistics unit DHL expects to continue its average annual growth of 35 pct to 40 pct in China in the coming years. DHL has already invested more than $900 mln (735.5 mln euro) in the country.
In December 2005, Deutsche Post completed the 5.5 bln euro ($6.729 bln) acquisition of British logistics and freight group Exel Plc, thus becoming the global leader in sea freight, ocean freight and contract logistics. In February 2006, Deutsche Post said it was buying a majority stake in British sector firm Williams Lea.
Through the deals, Deutsche Post seeks to reduce its dependence on the mail delivery business before it loses its domestic monopoly at the end of 2007.
www.welt.de
Source: Die Welt
