Deutsche Post World Net to dispose of stake in trans-o-flexBonn, 12/21/2004, 10:30 AM CET
Deutsche Post World Net will sell its 24.8 percent stake in trans-o-flex of Weinheim, Germany, one of Europe´s leading companies in the field of mixed freight delivery services. Following a successful restructuring operation, trans-o-flex can now boast strong earnings and revenue, as well as an excellent market position. An attractive selling price can be expected.
The backdrop to this move is a decision by the Federal Court of Justice blocking the acquisition of trans-o-flex by Deutsche Post World Net. Despite this decision, the Group will maintain its historically good working relationship with trans-o-flex. The degree of cooperation will be decided on a case-by-case basis.
Deutsche Post acquired a 24.8 percent stake in trans-o-flex in 1997. The Federal Cartel Office was informed of the plan to acquire the remaining 75.2 percent from BayernFinanz in 2001 and formally prohibited the acquisition. Deutsche Post World Net then took legal action to overturn this decision. At the same time, however, the Federal Cartel Office partially lifted the prohibition imposed on Deutsche Post in order not to jeopardize the economic development of trans-o-flex. Deutsche Post World Net has played a key role in the company´s economic growth. The development of trans-o-flex has been extremely positive since then.