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Deutsche Post makes E3.8bn offer for Exel
Page 7
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THE GERMAN Postal group Deutsche Post has made a £3.8bn bid for UK logistics firm Exel in a move that would create the world's largest logistics organisation.
Exel's share price has been climbing for months on the back of takeover talk, but the company had resolutely refused to comment.
Then last week it revealed to the stock market that it was in the early stages of negotiations with Deutsche Post. And now the firm has agreed to open its books to its German suitor.
The announcement led to a further 15% jump in Exel's share price to £11.78, which gives the company a market value of £3.5bn. In February analysts were saying that £9.50 a share would be a fair price for Exel; now Deutsche Post is rumoured to be offering just over £12 a share. John Manners-Bell, chief analyst at Transport Intelligence, says: "There is a strong possibility that, should talks between Exel and Deutsche Post progress, a counter-bid from any of the companies which have been linked with Exel at various times over the last year could be forthcoming."
Parcels giant UPS, which recently bought UK rival Lynx Express. is also believed to be preparing a bid.