Deutsche Post World Net has been named as a possible bidder for British logistics group ChristianSalvesen and US freight group YRC. It has declined to comment on the media reports.
DPWN chairman Klaus Zumwinkel has reiterated several times in recent months, however, thatthe group does not plan any more major takeovers but will focus on organic growth and possibly somesmaller regional acquisitions.
Stock exchange-listed Salvesen, one of the leading independent logistics groups in the UK,announced yesterday it had been approached by two unnamed companies regarding possible bids, butthere was no certainty that an offer would be made. The company, which was valued at GBP 137million prior to the announcement, saw its share price soar by 26% as a result.
British media identified DPWN along with Britain’s Wincanton as potential buyers, althoughprivate equity was also mentioned by analysts. Switzerland’s Kuehne & Nagel and Panalpina eachstated that they were not interested in Salvesen.
Salvesen, with 13,000 staff at 200 locations in Britain and continental Europe, isspecialised in food logistics as well as industrial and consumer sectors. In the year ending March31, 2007, it increased revenues by 10% to GBP 899 million but saw profits drop due to toughoperating conditions in the UK. It is currently restructuring its British transport operations.
Separately, US media reported speculation on financial markets that DPWN had made a $41 pershare offer for expanding US freight trucking group YRC. News agencies cited a DPWN statement thatthe group had not made any kind of statement or comments about YRC.
