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 LONDON (AP) - German mail and package delivery company Deutsche Post AG said Monday it has offered to buy British-based Exel PLC for 5.5 billion euros ($6.7 billion) in cash and stock in a deal that would make it the No. 1 company in the global logistics industry.
The deal, which still has to be approved by Exel shareholders, is Deutsche Post's biggest international acquisition and comes as Europe's biggest postal-service provider is trying to reduce its dependence on its German mail operations.
"This is a logical step in our corporate strategy and enables us to diversify our services and become less reliant on our domestic mail business," Deutsche Post Chief Executive Klaus Zumwinkel said at a news conference.
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