Adds Poste CEO feedback, particulars MILAN, Nov 16 (Reuters
Adds Poste CEO feedback, particulars
MILAN, Nov 16 (Reuters) – Poste Italiane PST.MI mentioned on Monday it was shopping for home rival Nexive from German fund Mutares MUXG.DE and Dutch mail and parcel group PostNL PTNL.AS.
Poste Italiane, the previous postal monopoly in Italy, mentioned it plans to consolidate Nexive, the nation’s second-biggest mail group, and its 1,300 employees, giving it a market share in Italy of round 94% in mail supply and 24% in parcel distribution.
The acquisition will enable Poste to extract synergies from its loss-making smaller rival, which has been struggling to deal with falling mail volumes and the impression of the coronavirus pandemic.
“On account of the acquisition, we primarily count on value financial savings,” Poste Chief Govt Matteo Del Fante mentioned, talking with journalists on Poste’s TV channel.
Nexive has an approximate 12% market share, with annual volumes of round 350 million objects, of which 5% was registered mail in 2019. It additionally has a 1% market share in parcels.
“The acquisition can be key for Poste to shorten the time to break-even of its mail, parcel and distribution division,” Del Fante mentioned, with out giving a exact timeline.
Poste reported a 1.three billion euro ($1.54 billion) web revenue final yr as its insurance coverage, banking and digital funds companies greater than offset a 306 million euro loss at its parcel and distribution division. Restrictions linked to the coronavirus pandemic have additional decreased mail volumes, it mentioned.
The exact worth of the Nexive deal, which is predicted to shut by January, can be calculated on the finish of a due diligence course of, Poste mentioned, including the preliminary settlement was based mostly on an enterprise worth for Nexive of 60 million euros.
The Italian antitrust watchdog has give a preliminary approval to the deal, however has 30 days to ask for potential changes.
($1 = 0.8446 euros)
($1 = 0.8445 euros)
(Reporting by Francesca Landini; Enhancing by Susan Fenton)
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