Post office may acquire NZ courier
Australia Post has emerged as frontrunner to buy Ausdoc’s $NZ200million ($167.2 million) New Zealand courier and express freight business Freightways Express Ltd, in a move that would signal an Australasian expansion strategy by the postal giant.
Ausdoc, a document logistics group, announced on Tuesday that it was in exclusive negotiations to sell the New Zealand business as part of a break-up strategy.
Ausdoc said a binding sales agreement would be reached in the next fortnight.
The acquisitive Toll Holdings, which the market speculated was a potential bidder, has ruled itself out of the running for the New Zealand business.
Brambles was also understood to be interested in Freightways, but it is believed that Australia Post has bid more aggressively.
A spokesman for Australia Post said the group would not comment on speculation.
Toll and Brambles are both potential bidders for Ausdoc’s Australian east coast courier business, DX Express.
An acquisition of Freightways by Australia Post would parallel the strategy of listed German postal service Deutsche Post.
The German service has acquired similar businesses throughout Europe.
