DHL working on open offer for Blue Dart

Bonn: Leading logistics firm DHL Express is planning to make an open offer to shareholders of domestic courier company Blue Dart. DHL Express Singapore, a subsidiary of Bonn-headquartered DHL, already holds 81.03% in Blue Dart. The move is aimed at delisting Blue Dart from the Bombay Stock Exchange (BSE), making it a fully-owned subsidiary of DHL. Blue Dart shares closed at Rs 625 per share on the BSE on Friday, 1.75% lower than the previous closing.
“Making Blue Dart Express a 100% subsidiary would help us take decisions fast. It would also centralise activities of the company and bring it under the control of the core management. We tried to delist Blue Dart earlier, but the market condition at that time didn’t favour,” DHL Express CEO John Mullen told ET.
“Blue Dart is one of the most profitable companies under Deutsche Post World Net (DPWN),” he added. DPWN is the parent company which holds various units under mail, express, logistics and finance categories. Blue Dart operates with seven freighter aircraft in the domestic market and is expected to extend logistics operation to neighbouring countries such as Sri Lanka, Bangladesh, Pakistan, Singapore and Thailand.
02/06/08 Nirbhay Kumar/Economic Times

To Read the News in full at Source, Click the Headline

Categories: Cargo May 2008, Foreign May 2008