Deutsche Post boss: DHL Global Forwarding is NOT up for sale

Deutsche Post DHL (DPDHL) chief executive Frank Appel has rejected outright any suggestions that his group’s forwarding arm is up for sale.
In a statement to Air Cargo News, Appel said: “To clear up false rumours and to be unequivocal, DP DHL is not exploring the sale of our Global Forwarding and Freight Division (DGFF).
“We have a market leading position in this business with a strong brand, an unmatched global network and the best people in the industry.
“DGFF is core to our company and we see a good future for it as part of DPDHL Group”
Appel was responding more than a week after Reuters news agency issued a report saying that DHL Global Forwarding may be sold or spun off by Deutsche Post, with Japan Post Holdings a possible buyer. Reuters had cited "two people familiar with the matter".
According to Reuters, Deutsche Post was assessing whether to spin off its "ailing" freight forwarding operation or make an outright sale, allowing it to focus on its mail and DHL express freight business.
DHL Global Forwarding was last year forced to write off €345m for a failed IT project.
Said Reuters last week: "Deutsche Post may seek a partnership, create a joint venture or sell either part or the complete operation, the sources said, adding that no decisions have yet been made."
"The unit has had massive margin problems of late, among others, due to IT troubles, so it’s natural that Deutsche Post is mulling ways to turn it around", one of the sources said.
It added: "One option being looked at is a potential sale to Japan Post, which has ambitions to expand abroad and last year bought Australian freight firm Toll Holdings, one of the sources said."
At the time, Air Cargo News was also aware of this market speculation and secured a no comment from both Deutsche Post and Toll.
The decision by the Deutsche Post boss to issue this clear denial comes amid growing speculation in the industry.