DHL Express Singapore Pte Ltd has appointed Ambit Corporate Finance Pvt Ltd manager to make an open offer to the equity shareholders of Blue Dart Express Ltd to acquire 20 per cent of its equity shares at Rs 350 per share. The acquirer, along with Deutsche Post AG, would be making the open offer for 47,45,587 equity shares of Blue Dart, in an all cash deal aggregating Rs 166.09 crore.
Read MoreThe Sars outbreak has helped deliver Hongkong Post its first profit in six years. Postmaster-General Allan Chiang Yam-wang said more online purchases and an increase in deliveries during the outbreak contributed to the service reaping a HKD17 million profit last financial year. New revenue-raising measures and job cuts were also major factors in the turnaround. The post office recorded revenue of HKD3.53 billion in 2003-04, an increase of HKD23 million from HKD3.51 billion in the previous year. At the same time, it reduced expenditure by HKD47 million, from HKD3.56 billion in 2002-03 to $3.51 billion last year.
Read MoreThe European Union on Thursday urged Japan to reform its huge postal service that the EU says has an unfair edge over private-sector companies, Jiji Press reported. In high-level financial talks between the two sides, Japan gave assurances that the nation’s postal delivery, banking and insurance businesses, once privatized, would be treated as private firms, the news agency said.
Privatization of the massive post office, which manages some 355 trln yen in savings and insurance funds, is a cherished project of Prime Minister Junichiro Koizumi. The EU also expressed objection to Tokyo’s plans to restrict the sale of prepaid mobile phone cards, which are widely used in the EU but also used by scam artists in Japan.
Japan’s largest parcel delivery service company Yamato Transport Co. said Tuesday its group net profit in April-September soared 2.58 times from a year before to 16,569 million yen. The brisk result in the first six months of fiscal 2004 was attributable to sales growth and pension-related gains, Yamato Transport officials said. The company saw an increase in costs to beef up its services to survive competition with Japan Post, a public corporation. But it could reduce costs in many other segments, the officials said.
Read MoreDHL today announced an investment in India of Euro 128 million, reinforcing its commitment to the growing Indian economy. The commitment is towards an acquisition of Blue Dart, the premium domestic courier and integrated air express package distribution company. DHL Express has finalised agreements with the founding shareholders of Blue Dart and Schroder Capital Partners Limited, for an acquisition of a majority stake in Blue Dart. The agreement, signed on Saturday, 6th November, gives DHL Express a 68 per cent stake in Blue Dart subject to regulatory approvals. In compliance with statutory requirements in India, the acquisition of 68 per cent of shares in Blue Dart requires DHL to make a 20 percent mandatory open offer to the public shareholders.
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