| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: INDUSTRIAL TRANSPORTATION |
Exel bid talk revived |
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Mon 04 Apr 2005
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LONDON (SHARECAST) - Market speculation that logistics group Exel is on Deutsche Post’s shopping list was given a spectacular boost today.
Deutsche Post, widely tipped as a potential suitor of the UK group, has announced plans to seek shareholder authority to issue nearly €5bn worth of shares and for acquisition currency.
The German suitor currently has authority to increase capital by 80m shares, an agreement agreed back in 2000, which expires in September.
Deutsche Post is due to seek shareholder authority at its AGM on May 18.
The company said the authority to increase capital would enable it "to offer the new shares as payment within the context of company mergers or through acquisition of companies or parts of companies or stakes in companies".
Shares in Exel have soared more than 20% since the start of the year on speculation of an impending bid with US peers United Parcel Service and Federal Express also cited as potential bidders.
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