STINNES/SCHENKER MAKES OFFER FOR BTL
STINNES/SCHENKER MAKES OFFER FOR BTL
Stinnes, the German transport and forwarding group that owns
Schenker, offered 700 million marks ($410 million) for BTL, the Swedish forwarding group
previously known as Bilspedition.
Stinnes already owns 35 percent of the capital of BTL and has
integrated the land transport activities of Schenker and BTL in Europe under an agreement
announced in 1997.
BTL’s business also includes the Wilson Group, an air and
maritime freight forwarding company. But BTL said there’s no change in the earlier plan to
keep its air and maritime forwarding businesses separate from Schenker’s.
BTL management has endorsed the Stinnes bid, which would create a
land transport group with 20,000 employees and net annual sales of 30 billion Swedish
kronor ($3.8 billion).