Deutsche Post plans to raise stake in DHL to about 72 pct in 2002
AFX Europe; Jun 27, 2001
Deutsche Post AG said it plans to acquire about 21 pct more in DHL International to raise its total stake to about 72 pct in 2002.
Manangement board chairman Klaus Zumwinkel said in a text for delivery to the annual meeting that the company expects cartel authorities to approve this year its acquisition of about 5 pct of DHL which would then lead to Deutsche Post holding the majority stake of about 51 pct.
Zumwinkel also said that in 2001, Deutsche Post “wants to exceed the records set for revenues and profits in 2000 – and do that at a time when our largest competitors are having to issue profit warnings.”
He said the company’s goal is to expand in the coming years “to make it the number one global player in the logistics arena.”
“For the near future, we are aiming for a dividend rate of around 25-30 pct of group net profit,” he said.
Deutsche Post currently has a 46 pct stake in DHL, which is being geared to play a significant role in the group4s Express corporate division.
“We intend to increase this majority further at the beginning of 2002,” Zumwinkel said.
A company spokesman said Deutsche Post plans to buy about 21 pct from a group of Bermuda-based institutional investors.
The spokesman said talks are now going on and nothing is finalised yet. “But the chances are good that we4ll get it,” he said.
“In 2002, we foresee us holding about 72 pct, Lufthansa 25 pct and JAL (Japan Airlines) the rest,” he added.
Last year, revenues in Deutsche Post’s Express division rose about 26 pct to more than 6 bln eur, with operating profit increasing by some 27 pct to 76 mln eur.
“We expect this positive trend to continue in the current year,” Zumwinkel said in his speech. “During the first quarter we have already been able to double profits.”
“We will introduce additional cross-border products and expand our market share in the B2B segmenet,” he said.
Commenting on the U.S. Department of Transportation decision two months ago which rejected complaints from UPS and Federal Express against DHL in the U.S., Zumwinkel said the decision “puts us in a good starting position also in the U.S. express sector.”
