Deutsche Post to announce takeover deal for Exel

0 Comments | AFP, September, 2005

LONDON (AFP) — Deutsche Post, the semi-privatised German postal service, is expected on Monday to announce a takeover deal for Exel valuing the British logistics group at about 3.6 billion pounds (5.3 billion euros, 6.5 billion dollars).

With this acquisition, Deutsche Post, Europe's biggest postal service, would become the world's No.1 logistics group.

The Bonn-based group would pay for the acquisition with a mix of cash and shares, with the cash component covering between 70-75 percent of the purchase price, the Financial Times reported Saturday, citing unnamed sources close to the matter.

The deal values Exel at about 12.40 pounds per share, at the higher end of expectations, it said.

Exel board members are scheduled to meet Sunday to agree to the...