DHL not looking to buy DB Schenker
06 / 03 / 2024
DHL Group CEO Tobias Meyer. Photo: DHL Group
DHL Group has declared itself out of the running for acquiring DB Schenker following much speculation over which company will buy the freight forwarder.
The German logistics company’s chief executive Tobias Meyer said on March 6 that DB Schenker was determined “not a good fit” for the business on evaluation.
“We have a lot of things that we can invest in. We’re very interested in the e-commerce space, so we just didn’t see Schenker as a good fit for us. There will be others who are interested (in acquiring DB Schenker), but as DHL Group we have better ways to deploy capital for our shareholders,” Meyer told CNBC.
He added that the Group’s current net debt, which he attributed to leases of warehouses globally, is not expected to be a barrier to any future acquisitions it is interested in making.
DHL has long been considered a potential buyer of DB Schenker following ongoing rumours of its potential sale before it was officially on the market.
Former DP DHL chief executive Frank Appel said in March 2022 that DHL would examine the potential of buying DB Schenker but any deal must meet three criteria: “Does that company make DHL better, is it easy to integrate and is it accretive?
“If these three questions are answered, yes, then we probably would put in a bid. If one of these questions is answered, no, we will not put a bid in.”
State-owned German railways giant Deutsche Bahn only confirmed that its subsidiary DB Schenker was officially up for sale in December, a year after it began reviewing its options for the sale.
Interested parties had until January 15 to ask for extra information and until February 6 to submit their registration documents.
Air Cargo News sister title DVZ has previously reported that up to 25 companies could be interested in the forwarder.
Most recently, shipping giant AP Moller Maersk said it would consider making an offer after previously dismissing the idea.
Other companies rumoured to be interested include MSC, DSV, UPS, DP World and Abu Dhabi Ports.
DB Schenker sale process underway as firm is officially on the market
