Tag: USA

UPS attacks airborne deal

Posted by | Mar 27, 2003 | |

United Parcel Service accused Deutsche Post of further violating foreign ownership laws after the German postal operator struck a deal to buy Seattle-based Airborne’s ground operations for $1.05bn. The complaint, filed with the Department of Transportation, calls for further widening a federal examination into whether Deutsche Post is flouting laws forbidding foreign companies from owning more than 25 per cent of US airlines. UPS claims Deutsche Post is in direct control of Chicago-based DHL Airways, a cargo carrier, via its subsidiary, DHL Worldwide.

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UPS worldwide named in “BusinessWeek 50”

Posted by | Mar 26, 2003 | |

UPS, in its first year of eligibility as part of the S&P 500, has been named in BusinessWeek magazine’s BusinessWeek 50.

The list, published in the magazine’s special annual spring issue, recognizes America’s best-performing major companies. The starting point for the magazine’s editors always is the S&P 500, to which UPS was added last year.

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Deutsche Post worldwide still aiming for the summit

Posted by | Mar 26, 2003 | |

When Deutsche Post said yesterday it would buy the ground operations of Airborne, the third-largest US air express delivery company, for USD1.05bn, the German postal operator closed a hole in its ability to deliver ground packages in the US and caught up with United Parcel Service and FedEx, two of its fiercest rivals. The move marked the latest triumph for Klaus Zumwinkel, Deutsche Post’s chief executive. Airborne, Mr Zumwinkel said, would be another step towards transforming the once-creaky state monopoly into the world’s top logistics group. But observers worry that Deutsche Post may stretch itself thin as it shops around.

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DHL to acquire ground ops of Airborne Inc. to create stronger third competitor in US market

Posted by | Mar 25, 2003 | |

Airborne, Inc. and DHL announced today that they have entered into a definitive merger agreement that will create a stronger third competitor in the U.S. express delivery market and bring the benefits of intensified competition and enhanced service to millions of small- and medium-sized businesses that purchase expedited door-to-door delivery of small packages and documents. Under the terms of the agreement, DHL will acquire Airborne’s ground operations for USD21.25 per share in cash, or a total equity value of approximately USD1.05 billion. Upon conclusion of the acquisition, Airborne’s air operations will be separated from its ground operations and will become an independent public company, called ABX Air, Inc. (“ABX Air”). ABX Air will be wholly owned by Airborne’s current shareholders, who will each receive one share of ABX Air for every Airborne share they hold.

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Fedex and UPS expected to fight DHL-Airborne merger

Posted by | Mar 24, 2003 | |

FedEx Corp. and United Parcel Services are not expected to stand silently by while DHL Worldwide Express consummates its $1.05 billion takeover of Airborne.
FedEx and UPS have already pushed the Department of Transportation to look at the ownership of DHL. The companies claim that the DHL is really just an arm of the German government. “Both UPS and FedEx are going to object to DHL’s acquisition of Airborne’s ground base assets under the cover of regulatory and anticompetitive grounds,” said analyst Peter Jacobs, of Ragen MacKenzie, a division of Wells Fargo Investments,

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