DSV sells stake in Tollpost to Swedish postal service for 993 mln dkr
Danish transport group DSV AS said it has agreed to sell its 50 pct stake in Norwegian transport company Tollpost Globe AS to Swedish postal service, with an agreed equity value of 993 mln dkr.
The transaction will have a positive earnings impact of 440 mln dkr for DSV in 2008, it added. The profit, which is non-taxable, will be recognised under special items.
DSV said it has operated Tollpost as a joint venture with Swedish postal service, Posten AB, since 2001, when Posten acquired its initial 50 pct stake in the Norwegian company in connection with its takeover of DSV Parcel.
DSV said its existing trading agreement with Tollpost will remain in force, and that it will thus retain access to the company’s national distribution network in Norway.
‘Ongoing investments in and development of the parcel distribution activities of Tollpost Globe AS have obviously led to greater affiliation with Posten AB than with DSV,’ DSV said.
‘Management of DSV has therefore found that the disposal of its stake in Tollpost Globe AS is the most expedient way to ensure the continued development of the commercial core areas of both Tollpost Globe AS and DSV,’ it added.
The transaction is subject to approval by Norwegian authorities.
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