June 17, 2020 / 6:51 AM / 2 months ago

Austrian Post to raise stake in Turkey's Aras Kargo to 80%

VIENNA, June 17 (Reuters) - Austrian Post has reached an agreement with Aras Kargo to increase its stake in the Turkish parcel delivery firm to 80%, it said, following years of dispute.

The wrangling began in 2016 when Austrian Post sought to exercise an option to buy an additional 50% stake in Aras Kargo from the founding Aras family following its purchase of a 25% stake in 2013.

Aras Kargo rejected the plan at the time and offered to buy back the Austrian company’s stake, saying Austrian Post was not the right partner for its envisaged international expansion and that its staff did not want an Austrian owner.

Austrian Post announced the new agreement late on Monday and said it would pay a price in the “mid double-digit million euro range”.

The closing of the deal is expected in the coming weeks, subject to regulatory approval, it said. (Reporting by Kirsti Knolle; editing by Jason Neely)

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