Austrian Post to increase share in Turkish cargo firm

The Austrian Post, which already has a 25 percent stake in Aras Kargo, is preparing to take over another 50 percent of the company.

Aras Kargo, one of Turkey's biggest cargo companies, which had a commercial trustee appointed in February, will be taken over by the Austrians. The Austrian Post (Österreichische Post), a 25 percent partner in the company, sat at the table with the Aras family. Post 206 Beteiligungs GmbH, a subsidiary of the Austrian company, initiated talks to take over Aras Kargo's 50 percent stake from the family members running the company. If an agreement is reached and the Competition Board approves, the Austrian company will own 75 percent of Aras.

A commercial trustee was appointed to Aras Kargo Anonim Şirketi by the Istanbul Anatolia Commercial Court of First Instance No. 5 following the application of the company's A-group shareholder, Chairman and CEO Evrim Aras.

Notification was sent to the Competition Board, which announced the process as "the transfer of a 50 percent share of Aras Kargo Yurt içi Yurt Dışı Taşımacılık A.Ş. from Evrim Zuhal Aras, Barış Baran Aras and Meral Aras to Post 206 Beteiligungs GmbH" on its website. The agreement will be finalized after approval by the Competition Board. The Austrian Post paid TL 125 million to acquire the 25 percent stake of Aras Kargo in 2013.