Spain Post Acquires Servipack

Correos, the Spanish postal group, yesterday announced the purchase of 100 per cent of Servipack, the express parcels company, from Vista Capital, the venture capital company in which Royal Bank of Scotland and SCH, the British and Spanish banks respectively, have stakes. Chronoexpres, the express delivery division of Correos, will absorb the acquisition. Following the operation, Correos will increase its stake in Chronoexpres from 57 to 74.23 per cent. The French post office will hold the remaining shares. The amount of the operation has not been officially announced, but it could be in excess of 40m euros.