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BULLETIN: Deutsche Post AG Announces Acquisition of Additional Shares in DHL International Ltd
Standard & Poors, July 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
Standard & Poor's today said that its ratings and outlook on Germany-based Deutsche Post AG (A+/Stable/A-1) and subsidiary Deutsche Postbank AG (A+/Stable/A-1) remain unaffected by the announcement by Deutsche Post that it will acquire an additional 25% of DHL International Ltd. (DHL) from the cargo unit of Deutsche Lufthansa AG (BBB+/Stable/A-2). Deutsche Post has to pay -610 million (-550 million, plus a possible future payment of -60 million under a debtor warrant agreement). Deutsche Post currently owns about 50.6% of DHL and, following the announced transaction, will hold more than 75%, with the objective to increase the stake to 100% in due course. The transaction will be financed by cash and debt. Deutsche Post generates strong cash flows and possesses...
Companies mentioned in this report are: Deutsche Post AG,Deutsche Lufthansa AG,Deutsche Postbank AG
Action: S&P Event
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