Turkish parcel firm Aras Kargo wants to buy back Austrian Post’s stake
ISTANBUL - ReutersTurkish parcel delivery firm Aras Kargo wants to buy back Austrian Post’s 25 percent stake in the company so it can better pursue its own international expansion, it said on July 4.
The Austrian group said in June it would exercise an option to buy 50 percent from the founding Aras family in addition to the stake it has held since 2013 in a move to set itself up for increasing international competition in the parcel delivery business from companies such as Amazon.
CEO Evrim Aras said Austrian Post was not the right partner to realize its vision of becoming a global brand.
“For this reason, we are ready to buy back the 25 percent stake Austrian Post holds,” he said in an emailed statement.
Austrian Post declined Aras’ offer, saying it would stick to its plan to increase the stake.
“We are committed to the contract,” a spokesman for the majority state-owned group said. Should no agreement be reached, a longstanding legal dispute may ensue, he said.
Aras Kargo operates the widest distribution network in Turkey with 13 regional hubs and more than 12,000 staff, generating annual revenue of around 280 million euros.