DEUTSCHE POST COMPLETES FULL TAKEOVER OF DHL

DEUTSCHE POST COMPLETES FULL TAKEOVER OF DHL

   Deutsche Post AG, the expansionist German mail-to-logistics group has acquired an additional 24.4 percent stake in express delivery company DHL International, thereby reaching 100-percent ownership of the company.

   Deutsche Post said that it acquired a joint 23-percent stake in DHL held by Chester Investment and Exeter Investment, and another 1.4 percent held by Japan Airlines.

   The purchase of the 23-percent shareholding cost 400 million euro ($400 million). The price of the 1.4 percent stake was not disclosed.

   In July, Deutsche Post bought a 25-percent stake in DHL from Lufthansa for 610 million euro ($603 million), raising its holding to 75.6 percent.

   In 2001, DHL had sales of $6.2 billion and 37.5 percent of the worldwide express delivery market.

   Deutsche Post announced recently a reorganization plan aimed at boosting group profits by 40 percent by 2005. The plan involves its full integration of DHL, logistics company Danzas and Deutsche Post Euro Express into the group, under the single brand name DHL.