Austrian Post to raise stake in Turkey's Aras Kargo to 80%

Oesterreichische Post AG

17/06/2020 07:47

VIENNA, June 17 (Reuters) - Austrian Post  POST.VI  has
reached an agreement with Aras Kargo to increase its stake in
the Turkish parcel delivery firm to 80%, it said, following
years of dispute.
    The wrangling began in 2016 when Austrian Post sought to
exercise an option to buy an additional 50% stake in Aras
Kargo from the founding Aras family following its purchase of a
25% stake in 2013.    
    Aras Kargo rejected the plan at the time and offered to buy
back the Austrian company's stake, saying Austrian Post was not
the right partner for its envisaged international expansion and
that its staff did not want an Austrian owner. 
    Austrian Post announced the new agreement late on Monday and
said it would pay a price in the "mid double-digit million euro
range".  
    The closing of the deal is expected in the coming weeks,
subject to regulatory approval, it said.


 (Reporting by Kirsti Knolle; editing by Jason Neely)
 ((kirsti.knolle@thomsonreuters.com; +43 1 2530 1650 13;))