Deutsche Post to buy Italian parcel service Casa di Spedizioni Ascoli

Deutsche Post, the semi-privatised German postal authority, said Monday it planned to buy the Italian parcel service Casa di Spedizioni Ascoli later this week.

Confirming media reports to that effect, Deutsche Post said in a statement it planned to buy the Italian with effect from Wednesday.

“The acquisition will increase and improve our position in the Italian express delivery market,” the German company said.

Financial details were not revealed.

Ascoli emloys a workforce of 400 and generated sales of about 80 million euros (84 million dollars) last year.

The weekly magazine Focus reported in its Monday edition that Deutsche Post was also negotiating to buy the 50 percent it did not already own in British parcel service Securicor.

The German group already acquired a 50-percent stake in the British firm for 314 million euros in November 1998.