La Poste CEO says eyes Germany's PIN Group
La Poste is considering taking over insolvent German postal firm PIN Group, Germany’s Handelsblatt newspaper quoted exectives at the French company as saying.
“It goes without saying that we are looking at it,” La Poste Chairman Jean-Paul Bailly was quoted as saying in a preview of the paper’s Tuesday edition.
Raymond Redding, head of La Poste’s mail division, was quoted as saying: “Parts of PIN are viable and therefore interesting. Takeover possibilities in the mail business are very rare.”
La Poste planned to reach a decision by the end of this month, the paper added.
La Poste, which is owned by the French government, did not have any immediate comment on Monday when contacted by Reuters.
PIN ran into financial difficulties after German publisher Axel Springer, which owns 64 percent of PIN, gave up on a rescue for the business in December after the German government agreed to a minimum wage for postal workers.
This came ahead of liberalisation of the sector and amid pressure from dominant German mail company Deutsche Post.
La Poste is considering taking over insolvent German postal firm PIN Group, Germany’s Handelsblatt newspaper quoted exectives at the French company as saying.
“It goes without saying that we are looking at it,” La Poste Chairman Jean-Paul Bailly was quoted as saying in a preview of the paper’s Tuesday edition.
Raymond Redding, head of La Poste’s mail division, was quoted as saying: “Parts of PIN are viable and therefore interesting. Takeover possibilities in the mail business are very rare.”
La Poste planned to reach a decision by the end of this month, the paper added.
La Poste, which is owned by the French government, did not have any immediate comment on Monday when contacted by Reuters.
PIN ran into financial difficulties after German publisher Axel Springer, which owns 64 percent of PIN, gave up on a rescue for the business in December after the German government agreed to a minimum wage for postal workers.
This came ahead of liberalisation of the sector and amid pressure from dominant German mail company Deutsche Post.
