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Business

Deutsche Post Buys Spanish Unipost Stake

Deutsche Post, the semi-privatized German postal authority, said on Tuesday it had acquired a 38-percent stake in the private Spanish delivery service Unipost for an undisclosed sum. The German giant also had the option to increase its stake in Barcelona-based Unipost at a later date, a company spokesman said, confirming a corresponding report published in the daily Die Welt. Unipost, formed from the merger of a number of small companies, generated sales of €64 million ($79 million) last year and is targeting sales of €200 million by 2007. With a market share of 7 percent, it is the main rival to the Spanish national post office, Correos, Die Welt said. (AFP)

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