Danzas Gives Stamp of Approval to $1.1 Billion Takeover

PARIS — Danzas shareholders approved the $1.1 billion sale of their company to the German post office, Deutsche Post, creating one of the world’s largest freight transportation groups.

Deutsche Post holds 93.3% of the outstanding shares in Danzas and has extended an offer for the remaining shares to March 5. The deal, which received shareholders’ go-ahead on Feb. 18, has been approved by U.S. and European authorities.

Patrick Kaiser, head of communications for Danzas, said no matter what happens to the remaining shares, which are held by several stockholders, the takeover will not be stopped.

DP’s tender offer was conditional upon acceptance of its bid by 80% of the bearers of the publicly owned Danzas shares.

Danzas is an international freight forwarder with substantial trucking and logistics businesses. In 1997, it had revenue of $5.2 billion, and Kaiser said he expected 1998 results to be substantially higher.

DP, which will become a private company in 2000, had revenue of $16.8 billion in 1997, primarily from its postal business in Germany. In the last year, it has spent about $2 billion to acquire the assets of private freight companies, including a 25% stake in DHL and a 50% stake in Securicor Omega Distribution, a British express parcel service.

DP plans to make Danzas its “logistics pillar” to support expansion into new countries and services, such as supply chain management, Kaiser said.

A new board of directors has been approved, with Edgar Ernst, a member of the management board of Deutsche Post, being named chairman and Peter Wagner, chief executive officer at Danzas, being elected to the board.