On June 15, 2020, Austrian Post announced that after years of disputes it has reached an agreement with Aras Kargo to increase its stake in the Turkish parcel delivery firm to 80.0%.
Following its purchase of a 25.0% stake of the company in 2013, in 2016 Austrian Post sought to exercise an option to buy an additional 50.0% stake in Aras Kargo from the founding Aras family.
The parcel company 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 employees did not want an Austrian owner.
The final closing of the deal is expected in the coming weeks, subject to regulatory approval, and Austrian Post has announced that it would pay a price in the “mid double-digit million-euro range”.
Source: Reuters
