Spanish Post to take majority stake in Chronopost Espana

The agreement giving Spanish post office Correos y Telegrafos the majority stake in express parcels delivery service Chronopost Express [Espana], will be signed on December 4. The definitive name of the parcels company, its share structure and its director general and board will be announced at the same time a Correos spokeswoman told Reuters on Monday. Taking part will be Correos’ president Albert Nunez Feijoo and his counterpart at Chronopost International, Gilles Moutel. Until now Chronopost Express in Spain has been a joint venture between French post office La Poste and Correos. But under the new agreement, announced in June, Correos will take overall control with a majority stake. Correos will have six members on the board of the new company and La Poste four, a Correos statement said on Monday. While continuing to share the international network created by La Poste, Nunez said in June that the new accord will ‘allow Correos, for the first time in its history, to head an express parcels service and position itself as an important operator in the sector.’ La Poste has held a half share in Chronopost Express in Spain and managed the company since it was founded two years ago. The company has about a three per cent share of the Spanish market. But Nunez has said he hopes the company will attain 12 to 15 per cent in three years, ‘to become one of three leading operators in express parcels in Spain.’ CEP Newsthere will be an unexpected change among the partners of Chronopost Espana. The joint venture between the Spanish Correos y Telégrafos and the French La Poste subsidiary Chronopost is to be taken over completely by the Spanish post next month
The agreement giving Spanish post office Correos y Telegrafos the majority stake in express parcels delivery service Chronopost Express [Espana], will be signed on December 4. The definitive name of the parcels company, its share structure and its director general and board will be announced at the same time a Correos spokeswoman told Reuters on Monday. Taking part will be Correos’ president Albert Nunez Feijoo and his counterpart at Chronopost International, Gilles Moutel. Until now Chronopost Express in Spain has been a joint venture between French post office La Poste and Correos. But under the new agreement, announced in June, Correos will take overall control with a majority stake. Correos will have six members on the board of the new company and La Poste four, a Correos statement said on Monday. While continuing to share the international network created by La Poste, Nunez said in June that the new accord will ‘allow Correos, for the first time in its history, to head an express parcels service and position itself as an important operator in the sector.’ La Poste has held a half share in Chronopost Express in Spain and managed the company since it was founded two years ago. The company has about a three per cent share of the Spanish market. But Nunez has said he hopes the company will attain 12 to 15 per cent in three years, ‘to become one of three leading operators in express parcels in Spain.’ CEP Newsthere will be an unexpected change among the partners of Chronopost Espana. The joint venture between the Spanish Correos y Telégrafos and the French La Poste subsidiary Chronopost is to be taken over completely by the Spanish post next month