European Commission approves acquisition of Exel
- Brussels does not impose any conditions
- Transaction still expected to be completed by mid December
The European Commission today gave unconditional clearance to the proposed acquisition of the UK logistics provider, Exel plc, by Deutsche Post World Net. Another milestone has thus been reached on the way to completing the acquisition.
On 16 November the shareholders of Exel had approved the proposed acquisition with a majority of more than ninety eight percent. The shareholders had thus followed the recommendations of Exel's board of directors to accept Deutsche Post World Net's takeover bid. The US Federal Trade Commission had already said that it had no objections regarding the transaction.
Final legal confirmation, which is still required, as well as the fulfilment of other standard market and transaction related conditions, and thus the completion of the transaction, are expected by mid December 2005.