German forwarders restructure
NewsTwo leading Germany-based logistic services providers, Schenker AG and Mosolf group, are restructuring their businesses
Stinnes AG, the parent company of Schenker, one of the world’s largest freight forwarders, is up for sale. Majority shareholder E.on AG (a utility), which owns 65.4 per cent of Stinnes’ shares, says it intends to sell the logistics company by the end of this year.
Stinnes originally acquired Schenker from DB AG. When Hartmut Mehdorn tok over as CEO of DB he said the sale was a mistake and tried to buy it back but Stinnes turned him down. The parties reached a constructive compromise in November 2000 with the creation of a new 50:50 joint venture base in Frankfurt, Railog GmbH, a non-asset-owning, logistic service provider.
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