Deutsche Post's DHL to seek 50 pct stake in China's Exel-Sinotrans – report
Deutsche Post AG unit DHL has expressed interest in bidding for a 50 pct stake in Exel-Sinotrans Freight Forwarding Co Ltd, a joint venture between Deutsche Post affiliate Exel LLC and Sinotrans Air Transportation Development Co Ltd, the official Shanghai Securities News reported.
In April, Sinotrans told the Beijing Equity Exchange that it plans to sell its 50 pct stake in the joint venture.
The newspaper quoted Jerry Hsu, president of DHL Greater China and South Korea, as saying that the express delivery and logistics group is in talks with Sinotrans, but no progress has been made.
In 2005, Exel LLC was purchased by Deutsche Post World Net, which is also the sole shareholder of DHL.
