Deutsche Post seeks to create trade transport powerhouse
German postal giant Deutsche Post, the parent of Asia's biggest express operator, DHL Express, yesterday tabled a GBP3.7 billion ($51.7 billion) takeover bid for Exel, a world leader in the booming field of contract logistics.
The bid, which was recommended to shareholders by Exel management, values shares in the British firm at GBP12.44, a 24 per cent premium on their value on August 31, the day before Exel flagged the possibility of the Deutsche Post bid.
'This offer from Deutsche Post represents an excellent opportunity for our shareholders to release significant value in cash and, if they wish, to retain an investment in the enlarged group,' Exel chairman Nigel Rich said.
The offer proposes that Exel shareholders be paid GBP9 in cash and the rest in new Deutsche Post shares, in a move which, if fully exercised, will add 79 million shares, or 7 per cent, to the postal firm's enlarged share capital.
The takeover will create a market leader in most of the major trade transport categories.
