Deutsche Post plans to cooperate with FedEx in US express operations
Deutsche Post World Net AG is planning to cooperate with FedEx Corp in its loss-making US express operations after the appointment of Frank Appel as chief executive, Financial Times Deutschland reported without naming its sources.
Deutsche Post has posted unspecified losses since it entered the US express market in 2004. Financial Times Deutschland said the losses could amount to 7 bln eur.
Frank Appel was appointed Deutsche Post CEO after predecessor Klaus Zumwinkel resigned over a 1 mln eur tax fraud charge.
Financial Times Deutschland said the intended cooperation with FedEx is part of Appel and chief financial officer John Allan’s plans to restructure the German mail services company. They are also looking for a bank to merge with Deutsche Post’s Deutsche Postbank AG banking unit.
