Deutsche Bahn takes over US Bax Global
16 November 2005, BERLIN - Germany's national railway, Deutsche Bahn, said Wednesday it has bought out the U.S. air and sea freight company Bax Global.
16 November 2005
BERLIN - Germany's national railway, Deutsche Bahn, said Wednesday it has bought out the U.S. air and sea freight company Bax Global.
Deutsche Bahn, which now has 100 per cent of Bax shares, did not reveal what it had paid for the company. Earlier media reports had suggested a price of up to 1 billion euros (1.17 billion dollars).
Bax has 12,000 employees at 500 branches and is mainly involved in air freight and shipping.
The move will bolster Deutsche Bahn's freight subsidiary, Schenker, which has 39,000 employees and last year had a turnover of 8 billion euros.
Deutsche Bahn's expansion into the U.S. market follows moves by other state-owned German companies, including Deutsche Post and Europe's biggest telecoms company Deutsche Telekom, which have pushed into foreign markets through acquisitions in past years.
Subject: German news