Deutsche Post drops Greek bid

Deutsche Post, the German mail and logistics group, will not bid for a stake of up to 25 per cent in Hellenic Post Office that is being sold by the Greek government.

Deutsche Post said the conditions attached to the sale, which also included a 50 per cent stake in Tachymetafores, Hellenic Post Office’s courier business, would have forced it to guarantee delivery of parcels anywhere in Greece.

The German group, which would have integrated the Greek operations into Euro Express, its parcel services network, would have found such a guarantee too costly.

The Germans’ exit leaves La Poste of France and The Post Group of the Netherlands as interested parties. The auction is being conducted by NM Rothschild, the UK investment bank, for the Greek government. Jorn Paterak, Hamburg and Tasso Enzweiler, Bonn

Copyright: The Financial Times Limited