Dubai’s Aramex Pauses MNG Buyout Talks After Change in Ownership - Bloomberg
Aramex PJSC paused talks to acquire Turkish delivery company MNG Kargo after a change in the share ownership of the Dubai-based logistics firm, according to people familiar with the matter.
The discussions were paused after Geopost SA bought a 24.9% stake in Aramex in October, the people said, asking not to be identified because the discussions are private. Geopost already has a partnership with Yurtici Kargo, a competitor to MNG in the Turkish market. The proposed deal to buy MNG, valued reportedly at as much as $500 million, may still be possible, one of the people said.
Aramex, which didn’t immediately respond to a request for comment, said on Dec. 5 that it would discuss recent updates on the potential acquisition of MNG Kargo in its board meeting on Thursday. MNG Kargo declined to comment.
Geopost is only a shareholder in Aramex and doesn’t comment on its projects, said a spokeswoman for the Geopost/DPDgroup, a unit of the French postal service La Poste.
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