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 MoreGerman postal service provider Deutsche Post has met with resistance from the union Ver.di over plans to introduce part-time only work in its letter delivery division. Deutsche Post, which currently employs more than 65,000 post men and women, says part-time contracts are the only way to reduce costs and make Deutsche Post more competitive before the group loses its current letter delivery monopoly in Germany in 2007. Europe’s largest postal group is contractually bound to guarantee jobs until 31 March 2008, putting redundancies out of the question as a cost-cutting measure.
Read MoreNazca has reached an agreement with Deutsche Post for the sale of its holding of 33% that it had in Unipost, the largest private operator in the Spanish postal sector. The acquisition of the private equity firm’s holding will be effective from the end of October 2004 once Spain’s equivalent of the Monopolies Commission has authorised it. Nazca’s investment was made 18 months ago in June 2003. The transaction was for an undisclosed amount, but Nazca stated it had obtained a return significantly higher than the market average, exceeding its own expectations.
Read MoreThe European Commission confirmed that it has received an complaint against Deutsche Post World Net AG, which said yesterday it faces allegations it flouted state aid rules by allowing its Postbank unit to use Deutsche Post outlets at below market rates. The commission said the complaint was brought by EP Europost AG, which is a letter and parcel delivery company owned by TPG NV.
Amelia Torres, competition spokeswoman, said: ‘The company (EP Europost AG) complained in June. After we received that we decided to send a letter to the German government asking for more information. We are waiting for a reply.’
She added that the commission is expecting a reply from the government in the next few weeks.
Deutsche Post posted a 22 percent decrease in its third-quarter net profit after the initial public offering of its Postbank unit increased minority interests. The company reported a third-quarter net profit of 169 million euros (217 million dollars) compared with 219 million euros a year earlier. Deutsche Post floated 33 percent of Postbank’s share capital on the stock market in June.
Profit from operations, measured as earning before interest payments, taxes and amortisation, rose 0.9 percent over the period to 575 million euros from 570 million euros. Sales grew 9.9 percent to 10.7 billion euros from 9.7 billion euros. The results were in line with analysts forecasts.
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