Deutsche Post set to make offer for Britain's Exel

Deutsche Post AG is set to make a Ђ5.5 billion (US$6.73 billion) offer for British logistics company Exel PLC, a newspaper reported Sunday.

The Frankfurter Allgemaine Zeitung, citing sources with both companies whom it did not identify, said the Bonn-based Deutsche Post could make an offer for the British company as early as Monday.

Earlier this month, both companies confirmed that they were in talks about a possible acquisition by Deutsche Post, which caused the Bracknell, England-based company's shares to soar 17 percent.

Deutsche Post, which owns express shipper DHL, did not comment on the report Sunday, but reiterated that it was in discussions. Exel did not immediately return a call seeking comment.

If a deal does go forward, it would be subject to British and German regulatory approval. Analysts said Exel, which employs 109,000 people worldwide, is a likely takeover target by its rivals, including U.S.-based UPS Inc.

Deutsche Post is Europe's biggest postal service and the German government holds a 57-percent stake in the company, which employs some 380,000 workers, AP reports.

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