Germans swoop for DHL Iberia

10th September 2004, Comments 0 comments

10 September 2004, MADRID – German express delivery company Deutsche Post has reached an agreement with the minority shareholders of DHL Iberia to purchase all of the company's outstanding shares, it was reported Friday.

10 September 2004

MADRID – German express delivery company Deutsche Post has reached an agreement with the minority shareholders of DHL Iberia to purchase all of the company's outstanding shares, it was reported Friday.

In early 2003, Deustche Post decided to incorporate into DHL Iberia its Spanish acquisitions (Guipuzcoana Euroexpress, Danzas and DHL) in a process which was expected to be concluded next year.

The latest agreement will allow the German giant to acquire the remaining stake in DHL Iberia in a deal that could be finalized by year-end.

The purchase must be approved by the European Union competition regulatory agency, which Deutsche Post has advised of the acquisition.

With 2003 sales of some EUR 22 billion (USD 26.6 billion), DHL is the world's largest shipping and logistics company, offering air, sea and land freight services.

DHL operates in more than 220 countries and has some 160,000 employees.

[Copyright EFE with Expatica]

Subject: Spanish news

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