DANZAS ACCUMULATES LARGER STAKE IN ASG
Danzas, the Swiss forwarding arm of Deutsche Post Group, has purchased
an additional 4.3 percent of Swedish forwarder ASG AB through a public
tender offer ended July 15.
Danzas said the additional shares give Deutsche Post control over 76.6
percent of the equity and 59.3 percent of the voting power in ASG.
The successful tender offer strengthens Danzas’ position against
Sweden’s postal company, Posten Sverige AB, which has purchased close to 25 percent of ASG
shares in an attempt to scuttle Deutsche Post’s expansion.
Posten Sverige had been negotiating to buy ASG for some time before
Deutsche Post closed a deal with Swedish investment firm AB Custos in May, effectively
giving the German company control over the forwarder.
The ASG acquisition has been approved by the European Union. However,
Deutsche Post says the Swedish Post has threatened to file a law suit
alleging that its minority equity stake represents a majority of the voting
power in ASG under certain circumstances.
A Deutsche Post spokesman said Posten Sverige’s claims are unfounded and that
Deutsche Post has no plans to negotiate a settlement with the Swedish postal company.