American Shipper

DEUTSCHE POST/DANZAS ACQUIRE AEI FOR $1.1 BILLION

DEUTSCHE POST/DANZAS ACQUIRE AEI FOR $1.1 BILLION

   Deutsche Post, the fast-expanding German group that
includes Danzas, is acquiring Air Express International Corp. for $1.14 billion.
    The takeover of the large U.S.-based freight forwarder is the latest in
string of acquisitions by the Deutsche Post group, which bought Danzas last December for
$1.1 billion and over a dozen other forwarding, parcel and express mail operators.
    Under the terms of the agreement, Deutsche Post will acquire AEI for
$33 per share in cash, or approximately $1.14 billion.
    AEI’s board of directors and Deutsche Post’s supervisory board approved
the agreement.
    The takeover will give the European logistics and postal group a major
stronghold in the United States. Danzas will become "the leading airfreight forwarder
worldwide," a spokesman for Danzas said.
    Deutsche Post said that it plans to integrate all AEI activities into
Danzas’ intercontinental business unit division. The intercontinental division of the
Danzas group will become "Danzas-AEI." The new chief executive officer of
Danzas-AEI will be Renato Chiavi, who now heads up intercontinental business at Danzas.
AEI’s present CEO, Guenter Rohrmann, will be vice chairman of Danzas-AEI and will be
responsible for the integration.
    Peter Wagner will be chairman of the combined company. Hendrik J.
Hartong jr., AEI’s present Chairman, will join the Danzas board.
Dr. Klaus Zumwinkel, chairman of Deutsche Post, said that the acquisition of AEI is
"another milestone on the strategic road to becoming the leading international
logistics firm." The Deutsche Post group expects to have total sales of about DM55
billion ($29.3 billion) next year, with some 270,000 employees.
    AEI, headquarted in Darien, Conn., has annual revenues of about $1.5
billion and 7,700 employees worlwide. Danzas, headquarted in Basel, Switzerland, has
annual sales of about $5.9 billion and about 29,000 employees.
    The takeover of AEI by Deutsche Post is subject to various conditions,
including the tender of a majority of the outstanding shares on a fully diluted basis, and
is subject to U.S. and European governmental and regulatory approvals.
    The Deutsche Post/Danzas group also acquired the logistics and land
transport activities of Nedlloyd earlier this year for 533 million euro ($624 million).