PIN Group to be broken up due to lack of interested buyer

German mail services provider PIN Group is to be broken up as most potential buyers interested in acquiring the group as a whole have withdrawn from the sales process, Handelsblatt reported, not citing its sources.

This means that some regional units of PIN Group will be sold to different investors, while others will be closed down, the report said.

German publishing group Axel Springer AG in December stopped funding PIN Group, after the German government decided to introduce minimum wages to the postal industry.

Some 40 of 91 companies forming PIN Group have in so far filed for insolvency, including its Luxemburg-based holding company.