Sale of trans-o-flex successfully completedBonn/Munich, 03/17/2005, 10:30 AM CET
BayernFinanz and Deutsche Post World Net have sold their holdings in the Weinheim/Germany-based company trans-o-flex, 75.2% and 24.8% respectively, to the financial investment company Odewald & Compagnie in Berlin. Odewald & Compagnie is one of Germany's largest independent equity companies with approximately 500 million euro under management. Since its successful restructuring trans-o-flex is now one of Europe's leading providers of combined freight services. This is also reflected in the sale's positive economic turnout. Deutsche Post World Net will maintain its historically good relationship with trans-o-flex after the sale. The scope of the co-operation will be determined on a case-by-case basis.
Deutsche Post acquired a 24.8% holding in trans-o-flex in 1997. The financial investor BayernFinanz, a BayernLB subsidiary, has held a stake in trans-o-flex since 2000, its holdings totalling 75.2% of the company's shares.
Deutsche Post's plan to acquire the remaining shares from BayernFinanz was denied by the German Federal Cartel Office and was also blocked by the German Federal Court of Justice in 2004 during an appeal. Up until this point Deutsche Post had already played a key role in the restructuring of the now profitable special services provider. trans-o-flex has grown considerably over the past years and will continue to work successfully in the combined freight services market segment under the same management.
Metzler Corporate Finance advised Deutsche Post World Net and BayernFinanz in both the preparation and implementation of the sale.