Austrian Post looking to increase stake in Aras Kargo

Austrian Post has said that it is still looking to increase its stake in Turkish parcels company Aras Kargo.

The Austrian postal operator currently has a 25% stake in the Turkish company, and it has a call option to buy up to 50% more of Aras Kargo. There are issues though. In a statement today Austrian Post said “there are differences of opinion with some of the majority owners with respect to implementation of the call option agreement and the valuation of the shares”.

According to Austrian Post’s CEO Georg Pölzl, “differences of opinion” between parts of the Aras family and Austrian Post have led to “a certain escalation of tensions” that is “unfortunate and regrettable”.

Pölzl commented: “Parts of the family believe they can improve their negotiating position if they create a negative atmosphere and bring discredit to Austrian Post both within the company and in the general public. This is highly unprofessional. We expect CEO Evrim Aras to abide by the terms of the agreement concluded in the year 2013.”

Pölzl said that the tension “does not at all change” Austrian Post’s plans to further increase its existing stake in Aras Kargo.

Austrian Post also used today’s statement to emphasise its commitment to developing the Aras Kargo business: “Austrian Post continues to believe in the development potential of the company. For this reason, it is also prepared to continue investing in Aras Kargo in the future.

“A logistics centre is currently under construction in Ikitelli. Its sophisticated logistics and sorting technology even outperforms the most advanced logistics centre operated by Austrian Post in Allhaming, Austria.

“After completion of the sorting facility in the autumn of 2016, it will enable Aras Kargo to process 90,000 parcels there each day, or 20% of the company’s total volume.

“Austrian Post maintains its commitment to further develop and modernise Aras Kargo.”