Austrian Post has acquired the private parcel delivery provider 24-VIP Express Logistics Servicesd.o.o in Bosnia, the Austrian business daily Wirtschaftsblatt reported, citing a decision published
by Bosnia’s antitrust authority.According to Wirtschaftsblatt, a spokesman for Austrian Post did not deny the acquisition,but pointed out that the group can only confirm the purchase after the closing. The acquisitionprice was not disclosed.
24-VIP is Bosnia’s biggest private parcel company, with a market share of 10%, theVienna-based newspaper further reported.
Austrian Post Chief Financial Officer Rudolf Jettmar already announced in November last yearthat Austrian Post would spend as much as €150 million to expand into South-eastern Europe.
In addition, the Austrian Post parcel subsidiary in Croatia, Overseas Express, entered acooperation agreement with 24-VIP in the beginning of May. Overseas Express generated revenues of€30 million in 2006 and a net profit of €600,000 last year. It was acquired in 2003 and hasmeanwhile expanded its market share to 35% on the Croatian market according to the company’sinformation.
