The European Commission has cleared, under the EU merger regulation, the proposed acquisition of Exel by Deutsche Post.
Deutsche Post, which already owns DHL, won permission on Thursday from the Commission to purchase Exel for an agreed £3.7 bn to create the world’s largest logistics firm.
The Commission said in a statement: “The Commission considers that although Deutsche Post will increase its presence on the markets where Exel is active, other companies will be able to compete effectively with Deutsche Post.”
The deal will create one of the world’s biggest logistics, sea and air freight group, and in particular boost Deutsche Post’s position in the fast-growing contract logistics market, which involves long-term deals to manage companies’ supply chains.
Deutsche Post chief executive Klaus Zumwinkel said: “We can expect attractive growth rates in the future…driven by increased global trade and increased outsourcing.” He also added that the €150bn market for contract logistics was set to grow by more than seven percent a year to 2008.
The Commission has therefore concluded that the proposed transaction will not significantly impede effective competition in the European Economic Area (EEA) or any part of it.
EU approves Exel takeover
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