PIN Group to open its books to investors next week
PIN Group will next week open its books to investors interested in acquiring Axel Springer AG’s stake in the mail services company, Sueddeutsche Zeitung reported, citing a company spokesman.
Publishing group Axel Springer in December stopped funding PIN Group, after the German government decided to introduce minimum wages to the postal industry.
The report said negotiations with interested parties need to be concluded by end-February, as PIN companies will otherwise halt mail deliveries.
A total of 38 of 91 companies forming PIN Group have in so far filed for insolvency.
PIN Group will next week open its books to investors interested in acquiring Axel Springer AG’s stake in the mail services company, Sueddeutsche Zeitung reported, citing a company spokesman.
Publishing group Axel Springer in December stopped funding PIN Group, after the German government decided to introduce minimum wages to the postal industry.
The report said negotiations with interested parties need to be concluded by end-February, as PIN companies will otherwise halt mail deliveries.
A total of 38 of 91 companies forming PIN Group have in so far filed for insolvency.
