Monday November 15, 8:00 am Eastern Time
Air Express confirms Deutsche deal
NEW YORK, Nov 15 (Reuters) - As expected, the U.S. freight forwarder Air Express International Corp. said on Monday it had agreed to be acquired by Deutsche Post AG, Europe's largest mail, parcel and logistics company, for $33 cash per share, or a total of $1.14 billion.
Under the deal, approved by Air Express's (NasdaqNM:AEIC - news) board and Deutsche Post's supervisory board, Deutsche Post , will integrate Air Express into its Danzas freight forwarding unit.
The deal, which had been rumored for several weeks, is subject to customary conditions, including U.S. and European regulatory approvals, Air Express said.
Air Express shares last traded at 32-1/4 on the Nasdaq stock market. Trading in the shares was suspended on Friday pending Monday's announcement.
The new chief executive of the combined Danzas-Air Express, to be called Danzas-AEI, will be Renato Chiavi, who currently heads up intercontinental business at Danzas. Air Express Chief Executive Guenter Rohrmann will become vice chairman of Danzas-AEI.
Deutsche Post Chairman Klaus Zumwinkel said in a statement that the Deutsche Post group expects total sales in 2000 of about 55 billion marks ($29.3 billion/28.1 billion euros). |
