La Poste yesterday decided to investigate buying a 52% stake in leading Spanish express parcelscompany Seur by exercising its right to counter a rival bid, French media reported. This would give
it a controlling holding of nearly 72% in the company.The decision follows the August 1 offer by British financial investor Doughty Hanson of €520million for a 52% stake in Seur that a group of small shareholders put up for sale as a packet. TheFrench postal operator, which already holds 19.6% in Seur through its express holding GeoPost, hasthe right to match or outbid any offer for Seur shares under an existing agreement.
The French postal operator said in a statement that GeoPost had been authorised by La Poste’ssupervisory board to exercise its right to pre-empt the other bidder and it would now make “deeperinvestigations” in the coming months, according to an AFP report. La Poste would take a decision onthe final conditions for this potential acquisition based on these investigations, it added.
Seur, with revenues of €665 million last year, has a complex, decentralised ownership structurecomprising regional franchisees who also own small stakes in the parent company Seur SA. Seur has85 franchisees in total controlled by 54 companies.
GeoPost has built up a stake of 19.6% in Seur by buying various franchisees in recent years. Theindependent franchisees now seeking to sell their holdings represent 52% of Seur capital, 65% ofthe franchises by number, and generate 56% of gross profits, according to Spanish media.
