PIN Group aims to prevent break-up
PIN Group is seeking to secure a future for itself as a nationwide delivery firm and prevent a break-up and sale of its regional subsidiaries.
German media reported today that several publishing companies were considering buying back their former mail delivery businesses which PIN had acquired in recent years in order to build up a nationwide network.
According to a report in Handelsblatt, major media groups including Axel Springer, Holtzbrinck and Madsack, were interested in regaining control over their former subsidiaries in order to use them to deliver free local and regional publications.
But PIN Group declared in a statement that it was still negotiating with potential investors over a “major solution” that would allow it to remain as a single, nationwide company. “There can be no talk of an impending break-up of the PIN Group,” declared Bruno Kübler, financial administrator of the PIN Group holding company. “There are seriously interested parties who are already in the process of due diligence.”
However, Kübler said he did not exclude “regional solutions” for individual locations. There were “numerous” interested parties whose offers were currently being considered.
At the same time, most of the PIN subsidiary companies would be forced to lay off staff over the next few weeks as payment of staff salaries through insolvency funds expired, he said.
