Austrian Post reportedly to buy Bosnian parcel firm
Austrian Post has acquired the private parcel delivery provider 24-VIP Express Logistics Services d.o.o in Bosnia, the Austrian business daily Wirtschaftsblatt reported, citing a decision published by Bosnia’s antitrust authority.
According to Wirtschaftsblatt, a spokesman for Austrian Post did not deny the acquisition, but pointed out that the group can only confirm the purchase after the closing. The acquisition price was not disclosed.
24-VIP is Bosnia’s biggest private parcel company, with a market share of 10%, the Vienna-based newspaper further reported.
Austrian Post Chief Financial Officer Rudolf Jettmar already announced in November last year that Austrian Post would spend as much as euro 150 million to expand into South-eastern Europe.
In addition, the Austrian Post parcel subsidiary in Croatia, Overseas Express, entered a cooperation agreement with 24-VIP in the beginning of May. Overseas Express generated revenues of euro 30 million in 2006 and a net profit of euro 600,000 last year. It was acquired in 2003 and has meanwhile expanded its market share to 35% on the Croatian market according to the company’s information.
