Austrian Post starts arbitration proceedings over Aras Kargo position
Austrian Post has announced that “arbitration proceedings have been initiated in Geneva” in order to “safeguard” its legal position with regard to the Turkish parcel services provider Aras Kargo. As previously reported, Austrian Post bought a 25% stake in July 2013 and in mid-2016 initiated a call option procedure to acquire an additional 50% shareholding.
However, as Austrian Post describes the situation in a statement issued today (15 December): “There continue to be differences with the current majority shareholders with respect to the implementation of the call option agreement as well as the valuation of the shares.
“In this respect, no agreement could be reached over the last few months. Therefore, as contractually stipulated, arbitration proceedings have been initiated in Geneva in order to safeguard Austrian Post’s legal position. The company’s top priority remains to secure the value of its investment in Aras Kargo.”