Deutsche Post Buys Stake in Sinotrans
BERLIN (AP) _ Germany’s Deutsche Post AG said Thursday it has bought a 5 percent stake in one of China’s largest logistics companies, Sinotrans, for 52.5 million euros ($56.3 million).
The acquisition was tied to an initial public offering of 38.5 percent of Sinotrans, a unit of China National Foreign Trade Transportation Corp.
Sinotrans already has a joint venture in China with the DHL express delivery unit of Deutsche Post. The Bonn-based company, which is active in the mail, parcels, logistics and financial services markets, is 69 percent owned by the German government.
``The stake in Sinotrans is a decisive step to strengthen further our strategic position in the important Chinese market,″ said Deutsche Post chief executive Klaus Zumwinkel said in a statement.
The Chinese company also has partnerships with United Parcel Service Inc. and British-based logistics company Exel PLC.