Tag: Germany

Exel to open books as Deutsche Post prepares for bid

Posted by | Sep 6, 2005 | |

Exel agreed to open its books to Deutsche Post yesterday to allow the German postal group to conduct limited due diligence ahead of a potential Pounds 3.8bn bid for its UK rival. The decision follows discussions over the weekend between the two companies, which resulted in Deutsche Post making a preliminary takeover proposal. The German group is understood to be offering a mix of cash and paper, with up to 30 per cent made up of shares, according to people close to the situation. The value of the bid is slightly more than Pounds 12 a share. Exel’s closing share price yesterday was Pounds 11.85. Deutsche Post aims to make an announcement on an agreed deal in one to two weeks. It is proposing cost synergies of Pounds 200m and has offered John Allan, Exel chief executive, a seat on its management board. Mr Allan would head the combined logistics division, replacing Frank Appel, current head of logistics, who is seen as the likely successor to Klaus Zumwinkel, Deutsche Post’s long-serving chief executive.

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German Rhenus quashes Red Parcel stake talk

Posted by | Sep 5, 2005 | |

German logistics company Rhenus has denied reports that it might be close to acquiring a 25% stake in domestic parcel service newcomer Red Parcel Post. The new company is searching for investors in order to take up operations by 2007. Former Deutsche Post board member Dieter Seegers-Kr’ckeberg is said to be behind Red Parcel Post. Rumours of a 25% stake were pure invention and Rhenus would not ‘comment further on such rumours’, a spokesman said. The reports come at a time when Rhenus chief executive Hermann Niehues has signalled his willingness to buy into new companies.

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Exel and Deutsche Post rush to make deal

Posted by | Sep 3, 2005 | |

Top executives at Exel are set to meet their counterparts at Deutsche Post this weekend to try and hammer out the terms of a deal with the aim of launching a bid within the next two weeks. “Both sides are trying to get a deal done as fast as possible but nothing has yet been agreed,” one person close to the situation said. The push to accelerate talks between the UK logistics company, which has a market valuation of Pounds 3.44bn, and Europe’s biggest postal group came as investment bankers scrambled to try and interest counterbidders in a potential deal.

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Deutsche Post could face a bid battle with UPS

Posted by | Sep 2, 2005 | |

Deutsche Post may have made the first move on Exel but it is unlikely to be the sole bidder. UPS, the US package delivery company, and TPG, the Dutch logistics group, have also been touted as possible bidders. Alastair Gunn, analyst at Arbuthnot Securities, says: “Whether it is Deutsche Post who ends up with Exel, is doubtful. I think UPS is likely to outbid them.” He adds: “In terms of other companies coming in, nobody else can compete. It would be a waste of management time and energy.” An acquisition of Exel by UPS would underline the Atlanta-based company’s ambition to increase its presence in Europe, where it is challenging the dominance of DHL, owned by Deutsche Post, and TNT, owned by TPG.
UPS has become increasingly reliant on international revenues, especially in Europe and Asia, to offset slowing growth and increasing competition in the US.

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GLS to expand in Germany

Posted by | Sep 2, 2005 | |

General Logistics Systems (GLS), Europe’s third-largest parcel delivery service, is planning to expand on the German market. The company wishes to have an extensive network of its own branches throughout Europe in future, and is aiming to raise the number of outlets it operates in various retail stores in Germany from 2,500 to 5,000 within the next year. In particular, the company is hoping to lure private customers away from German postal service operator Deutsche Post.

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