Deutsche Bahn launches $2 billion-plus takeover of Stinnes
Deutsche Bahn, the German state-owned railway, launched a $2 billion-plus takeover of freight forwarder Stinnes in a bid to create a new European logistics giant. (7/4/2002)
The purchase of Stinnes, parent of Schenker, one of Europe’s chief integrated logistics providers, from German power utility E.ON will triple Deutsche Bahn’s cargo traffic and add maritime, road and air freight to its core rail operations.
Deutsche Bahn is offering €32.75 ($32.11) per share for Stinnes, for a total value of around $2.45 billion. E.ON owns 65.4 % of Stinnes, which had sales of $12.1 billion in 2001.
Deutsche Bahn is a major player in the European rail freight market through its wholly-owned subsidiary, DB Cargo, which in turn owns over 90% of Euralion, a pan-European operator that includes the Dutch and Danish rail freight companies.
