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Deutsche Post to Acquire All of DHL

October 24, 2002

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BERLIN (AP) _ Germany’s Deutsche Post AG has reached agreements with two investment funds and Japan Airlines to purchase the remaining the 24.4 percent of DHL International Ltd. that it doesn’t already own.

The partly privatized Deutsche Post will pay 400 million euros ($391 million) for the 23 percent stake in the Brussels-based express delivery firm held by Chester Investment and Exeter Investment, spokesman Martin Dopychai said Thursday.

It will acquire another 1.4 percent stake in DHL International held by Japan Airlines for an undisclosed amount, Dopychai added. He declined to confirm reports in German media that the sale price was 30 million euros ($29 million).

In July, Deutsche Post bought Lufthansa AG’s 25 percent stake in DHL for 610 million euros ($595 million), raising its overall DHL holding to 75.6 percent.

The move to acquire the remaining stake comes days after the European Union on Tuesday approved that purchase, saying there were only ``minor overlaps″ between the two companies and that it therefore posed no antitrust problems.

Deutsche Post will acquire the remaining DHL stakes by the end of the year, Dopychai said. The German government still has a 69 percent stake in the country’s main mail company.

DHL had sales of 6.2 billion euros ($6.1 billion) in 2001 and employs 70,000 people.

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