Bax Global acquisition boosts Deutsche Bahn in Asia-Pacific
28 November 2005 00:01 [Source: ICB]
Deutsche Bahn has signed a contract to buy Bax Global in a deal reported to be worth $1.1bn. The acquisition of the California, US-based company will boost annual turnover at Deutsche Bahn’s transport and logistics division to nearly €15bn.
The purchase will significantly expand Deutsche Bahn’s position in the key growth markets of Asia-Pacific as well as in China and the US.
Hartmut Mehdorn, chairman and chief executive of Deutsche Bahn, said: ‘Bax fits our strategy perfectly and is an ideal complement to our logistics subsidiary Schenker.’
Combined with Schenker which came with the purchase of Stinnes in 2002, the move pushes Deutsche Bahn into second place worldwide in air freight and shipping, behind Deutsche Post (DHL).
The transaction is expected to close around the end of the year and is subject to regulatory approval.
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