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Deutsche Post buys DHL stake
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September 15, 2000: 4:18 p.m. ET
Deutsche Post to take additional 26 percent of international courier firm
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LONDON (CNNfn) - Europe's largest postal service Deutsche Post AG announced Friday that it will boost its stake in international courier firm DHL International Ltd. to 51 percent, transforming the German company into the world's largest air express carrier.
The company did not disclose the price for the additional 26 percent in DHL that it does not already own.
Deutsche Post will delay its Frankfurt bourse listing to Nov. 20 from the originally planned date of Nov. 6, due to the acquisition of the additional stake in DHL, Deutsche Post chief Klaus Zumwinkel told reporters in Paris on Friday.
The purchase, which gives Deutsche Post control of DHL, is described by sources as the company's biggest ever. It is also the latest in a three-year multibillion-euro spending spree by the company, which already ranks as the international air cargo market leader and European parcels market leader.
German-based industry sources told Reuters they valued DHL International at some  3 billion but a purchase price could for an additional 50 percent holding could easily reach some $4 billion.
This would put a $2 billion price tag on the additional 26 percent stake, they added.
DHL, with global revenue of some 5.2 billion in 1999 from its two arms, DHL International and U.S.-based DHL Airways, does not publish profit figures.
Lufthansa will retain its own 25 percent stake of DHL, with Japan Airlines holding 6 percent, two investment trusts with 23 percent, and private investors, including founding families and company management with 21 percent. 
--from staff and wire reports
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