Exel refuses to comment on rumours of Deutsche Post takeover bid

Exel PLC have refused to comment on rumours that Deutsche Post AG is preparing a bid for the group.

The bid rumour pushed shares in the logistics and freight management group 8 pence higher to 860 at 12.05 pm.

‘The company does not comment on market speculation,’ a spokeswoman for Exel said.

Exel’s share price has recently been buoyed by intense speculation about a bid, with United Parcel Service Inc (UPS) and Federal Express also mentioned as potential bidders. At today’s price, Exel would be valued at about 2.56 bln stg.

Last month, the group was subject to a round of takeover speculation after it posted a 15 pct increrase in underlying pretax profits to 170.2 mln stg.