Deutsche Post to Bid on Exel
The German postal giant is reportedly set to make a $6.7 billion offer for the British logistics contractor.
Deutsche Post is expected to announce Monday that it has bid $6.73 billion for Great Britain-based Exel,
The New York Times
reports. Citing sources close to the deal, the
Times
says that the deal will consist of stock and cash, and represents only a slight premium over Friday's closing price for Exel shares, but neither company would comment.
Bonn-based Deutsche Post owns shipper DHL. Exel contracts with major corporations such as
DaimlerChrysler
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and
Volkswagen
for shipping and warehousing functions.
UPS
(UPS)
had been seen as a possible rival to Deutsche Post for Exel, but the
Times
reports that no hostile bid is expected.
