Tag: UBS

FedEx in talks to buy DHL stake

FedEx reportedly is in talks to buy all or part of Deutsche Post’s DHL delivery business in the U.S. in a deal that would help it challenge larger rival UPS.

Seeking to cut losses in the hyper-competitive domestic fast delivery business, Deutsche Post may move to trim its DHL business in the United States, without abandoning it completely, according to published reports on Friday.

Deutsche Post CFO John Allan was quoted by Frankfurter Allgemeine Zeitung, a German newspaper, that a total sale of DHL in the U.S. is “very, very unlikely.”

A deal could be in the works by May at the latest, according to the report.

Shares of FedEx rose 1.6% to end at USD89.96, bucking the move down in the overall market. UPS fell 1.8% to USD69.97.

A spokesman for Memphis-based FedEx didn’t return a phone call from MarketWatch.

Analyst Rick Paterson of UBS said FedEx doesn’t really need DHL’s U.S. delivery assets, and that it simply has to wait for it to lose ground over time to eventually win over its domestic market share.

FedEx, however, would benefit if DHL allowed it to become the U.S. distributor of its hefty package traffic originating in Europe and Asia, he said.

FedEx would have the edge in any talks because Deutsche Post is under pressure from shareholders to produce some kind of value for DHL.

A deal between DHL and UPS is less likely because of the “more contentious relationship” between the two giants overseas, he said.

One of the world’s largest delivery companies with 4,000 offices, DHL traces its roots to 1969 in the U.S. before being acquired by Deutsche Post in 2002.

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Court order approving scheme of arrangement for recommended offer

Christian Salvesen PLC (“Christian Salvesen”) announces that, at a hearing today in the Court of Session, the Court granted an order sanctioning the scheme of arrangement under section 425 of the Companies Act 1985 to effect the recommended acquisition by Groupe Norbert Dentressangle S.A. of the entire issued and to be issued ordinary share capital of Christian Salvesen (the “Scheme”) on the terms set out in a circular despatched by Christian Salvesen to its shareholders on 15 October 2007 (the “Scheme Document”). A copy of the court order will be delivered to the Registrar of Companies today.

Christian Salvesen will apply to the United Kingdom Listing Authority for the suspension of the listing of its ordinary shares on the Official List and to the London Stock Exchange for the suspension of the trading of its ordinary shares on the London Stock Exchange’s market for listed securities, in each case with effect from the close of business on 13 December 2007.

Completion of the Transaction remains subject to confirmation by the Court of the reduction of capital which forms part of the Scheme and the registration of the Court order by the Registrar of Companies. This is expected to be received on 14 December 2007, whereupon the Scheme will become effective.

Capitalised terms used and not otherwise defined in this announcement have the meanings ascribed to them in the Scheme Document.

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Norbert Dentressangle agree Christian Salvesen acquisition

Combined sales achieved in 2006 of c. euro 2.9 billion and approximately 390 sites in 13 countries

The Boards of Christian Salvesen and Norbert Dentressangle (GND) have announced that they have reached agreement on the terms of a recommended acquisition by GND of the entire issued and to be issued ordinary share capital of Christian Salvesen at a price of 92.0 pence in cash for each Christian Salvesen Share, valuing Christian Salvesen’s fully diluted share capital at approximately £254.4 million.

The terms of the Transaction represent a premium of approximately 79.0% to the Closing Price of 51.5 pence for each Christian Salvesen Share on 24 September 2007, being the last business day prior to the announcement by Christian Salvesen that it had received approaches and a premium of approximately 58.0% to the average Closing Price of 58.2 pence for each Christian Salvesen Share for the three-month period prior to 24 September 2007.

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TNT repurchases 18.2 million shares from the State of the Netherlands.

Today the State of the Netherlands announces it is selling all of its shares in TNT; 27.8 million ordinary shares to Citibank and UBS and 18.2 million ordinary shares to TNT. The repurchase by TNT represents a total consideration of nearly euro 600 million and 4.3 % of TNT’s outstanding ordinary share capital. The total sale by the State represents approximately 10.9 % of TNT’s outstanding ordinary share capital reducing the holding of the State of the Netherlands in TNT to nil.
Today’s repurchase by TNT is made part of the share buy back program that TNT announced on 6 November 2006. As a result of today’s transaction the total amount of the shares bought back until and including 20 November 2006 amounts to around 70 % of the announced euro 1 billion buy back. TNT intends to cancel all of the shares repurchased.

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Swiss Post, UBS Launch Credit Services

The Swiss state-owned postal services on Friday announced a deal with the biggest bank in the country, UBS, to provide credit services to clients. The post office had originally wanted to create its own Postbank but this ran into heavy opposition in parliament and the government had to withdraw a proposal to create such a bank.

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