DEUTSCHE POST COMPLETES TAKEOVER OF AEI

DEUTSCHE POST COMPLETES TAKEOVER OF AEI

   Deutsche Post has completed its $1.1-billion takeover of Air Express International Corp.

   The German postal service and logistics group said that about 32.3 million shares of AEI were tendered, following its $33-per-share tender offer, representing approximately 96 percent of the outstanding shares in the big forwarder.

   The tender offer expired at midnight, New York City time, on Wednesday.

   Following the takeover, shares of AEI that were not acquired in the tender offer will be converted into the right to receive $ 33 per share in cash, and the company will become a wholly-owned subsidiary of Deutsche Post, the German group said.

   Deutsche Post said that it plans to proceed promptly with the steps necessary to complete the merger. AEI will be integrated into the intercontinental business unit of Danzas, a subsidiary of Deutsche Post.

   “Danzas intercontinental/AEI will be number one in air freight and become one of the top five companies around the world in ocean freight forwarding,” Deutsche Post said.