Deutsche Post Adds Acquisition

Deutsche Post and its recently purchased Swiss logistics subsidiary, Danzas, announced a plan to pay more than 533 million euros — about $584.6 million — to take over Royal Nedlloyd’s European Transport and Distribution division.

The German post office will take over Nedlloyd’s parcel delivery business and Danzas its logistics business.

After the sale, Royal Nedlloyd said it will focus on its container logistics operations, which it operates through the shipping network P & O Nedlloyd, of which it owns 50%.

Leo Bendsen, Royal Nedlloyd’s executive board chairman, said it was too early to say what the company would do with the proceeds of the sale.

He said Nedlloyd would restructure its debt and was considering a repurchase of shares.

“All our actions will be aimed at realizing shareholders’ value,” said Berndsen. “It is definitely not our intention to transform Nedlloyd into a passive investment company.”

For the full story, see the March 22 print edition of Transport Topics. Subscribe today.