Tag: Germany

Possible takeover for Christian Salvesen

Posted by | Sep 25, 2007 | |

Logistics firm Christian Salvesen has revealed that it has been approached by two separate parties with a view to a possible takeover of the company. The news comes as little surprise as industry experts have long regarded Salvesen as the weakest of the UK publicly listed 3PLs.

Speculation surrounds the identity of the two suitors although UK rival Wincanton is tipped by many as a likely candidate.

However there is any number of other potential firms lined up to snap up Salvesen. French operator Norbert Dentressangle has made no secret of its desire to grow substantially through acquisitions and other foreign businesses like Kuehne + Nagel and Deutsche Bahn could also be in the running.

As an outside bet TDG could be looking to revive its aborted merger plans with Salvesen from several years ago.

Salvesen share price has risen 26 pct to 65 p on the back of the news, and its board confirms that discussions are continuing, although it cautions: There can be no certainty that a formal offer for the Company will be forthcoming or as to the terms on which any offer might be made.

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Sinotrans Group plans USD 1.3 bln bulk shipping IPO

Posted by | Sep 20, 2007 | |

Chinese logistics giant Sinotrans (Group) Co’s resources shipping unit plans to raise more than USD 1.3 billion in a November IPO in Hong Kong, taking advantage of a global shipping boom, sources said on Thursday.

The parent of Hong Kong-listed Sinotrans Ltd partners with global players such as Deutsche Post’s, DHL and Korean Air, is applying to the Hong Kong exchange for its estimated HK USD 10 billion-plus (USD 1.3 billion) initial public offering, five sources close to the deal told Reuters.

The Sinotrans group operates 35 bulk cargo vessels and several oil tankers with a total capacity of more than 2 million deadweight tones, sources said.

China’s unabated demand for energy and raw materials to fuel galloping economic growth has fuelled strong demand for bulk cargo ships and sent the Baltic Exchange’s dry freight Index to record levels.

Strong demand and capacity constraints in the world’s major shipyards have elevated vessel prices, especially for bulk cargo vessels. Capesize prices rose 29 percent from the end of last year to end-July and Panamax prices gained 15 percent in the same period, according to Clarkson Research Services Ltd. Although a potential slowdown in U.S. economic growth may affect world demand for manufactured goods, those were mostly carried by container ships, analysts said.

Since Sinotrans’ ships are mostly registered in Hong Kong, the company would be listed in the territory as a red chip — a Beijing-backed or funded company incorporated outside of mainland China, a banking source said.

UBS and BOC International are co-sponsors of the deal.

Sinotrans Ltd has said its parent would soon wrap up a plan to inject infrastructure assets, including terminals and storage facilities, into the listed arm.

(USD 1=HKUSD 7.784)

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German cabinet paves way for minimum wage for postal workers

Posted by | Sep 19, 2007 | |

German Chancellor Angela Merkel’s Cabinet agreed on legislation that paves the way for basic rates of pay for postal workers, a move that extends the industries covered by statutory pay levels without introducing a national minimum wage.

The bill is a precondition for agreement between the postal employers’ association and the Ver.di labor union on a basic rate of pay for people who deliver, sort and collect letters. The deal excludes workers delivering packages, newspapers, magazine or books unless they also carry letters.

The regulation became necessary because Deutsche Post AG, Europe’s largest postal service, loses its letter-delivery monopoly at the end of this year, yet other European countries aren’t immediately following suit, Labor Minister Franz Muentefering told reporters in Berlin today.

A statutory minimum wage may be good news for Deutsche Post, which has forecast that domestic competition will trim earnings at its mail division by as much as 20 percent by 2009. The minimum wage regulation would also apply to competitors such as Pin AG.

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Deutsche Post World Net and UNICEF strengthen cooperation in the fight against child mortality

Posted by | Sep 18, 2007 | |

Deutsche Post World Net and UNICEF have drawn a positive assessment of their strategic partnership. DHL has been supporting the United Nations Children’s Fund, UNICEF, in the battle against childhood mortality for the past 12 months.

During the first year of the partnership, the cooperation focused on improving health care for children in Kenya. DHL helped UNICEF distribute around 3.5 million mosquito nets as part of one of the largest health campaigns in East Africa. Furthermore, measures to improve long-term health precautions such as optimizing equipment and the stocking and cataloging of drugs and vaccines in local health centers were also supported.

Deutsche Post World Net will continue its support in Kenya, for example by building a logistics center for medical purposes in the Kwale region. During 2008, the cooperation between Deutsche Post World Net and UNICEF will be expanded on a global scale. Beyond Africa, the corporation henceforth also wants to support joint projects that are part of the UNICEF-Topic “Young Child Survival and Development” in South America and Asia. This topic is part of UNICEF’s five worldwide strategic areas of focus.

The cooperation with UNICEF is part of a long-term partnership between Deutsche Post World Net and the United Nations. Deutsche Post World Net has been supporting the United Nations Development Programme (UNDP) as well as the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) in the area of disaster management since December 2005.

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