US financial investment companies Blackstone, KKR and Advent are reportedly interested in buyingtroubled German mail operator PIN Group which has put itself up for sale.
German magazine Focus reported in its latest issue that the PIN Group CEO Horst Piepenburg is intalks with the three equity firms over a potential sale. He had recently said that there wasinterest from strategic and financial investors.
But Reuters news agency reported that well-informed sources said there were no talks of any kindwith Blackstone and KKR. Advent declined to comment on the Focus report.
Meanwhile, the Luxembourg-based parent company also declared itself insolvent on Monday. Thebulk of the 9,000 PIN Group employees are now working for companies that are formally insolvent.The group has 91 operating subsidiaries across Germany.
