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

and

Volkswagen

for shipping and warehousing functions.

UPS

(UPS) - Get Report

had been seen as a possible rival to Deutsche Post for Exel, but the

Times

reports that no hostile bid is expected.