Exel shareholders approve acquisition by Deutsche Post
- No objections from the U.S. Federal Trade Commission
- Transaction expected to be completed mid December
- Deutsche Post World Net on its way to becoming number one logistics provider
On Wednesday the shareholders of the UK logistics provider, Exel, approved the acquisition of the company by Deutsche Post World Net by a majority of more than ninety eight percent during an extraordinary shareholders' meeting in London. Seventy five percent would have sufficed. The shareholders have thus followed the recommendations of Exel's board of directors and have accepted Deutsche Post World Net's bid to aquire the company. The U.S. Federal Trade Commission has meanwhile also said that it had no objections regarding the transaction.
Final legal confirmation, which is still required, the still outstanding approval by the relevant antitrust authorities, the fulfilment of other standard market and transaction related conditions and thus the completion of the transaction are expected by December 13, 2005. Deutsche Post World Net will then have reached its goal of being the world's leading logistics group.