DHL, the shipping company held by Deutsche Post World Net, has acquired 100% in local player Cargus, for an undisclosed value. According to market sources, the transaction amounted to some 50 million euros. DHL and Cargus will continue to act as separate entities and retain their employees, according to company officials. Cargus is held by Augustin Plesea and Carmina Dumitrescu, and posted turnover worth 29.7 million euros last year, but budgets a 50% increase for 2008. "We have signed a sale agreement and the deal will be completed in around three months' time. We have made this decision because it would have proved difficult to match the performances of international companies on our own," said Augustin Plesea, who will retain his position as manager of Cargus, while Gian Sharp, the current manager of DHL, will run the new management team. Last year, Plesea revealed he was considering a partnership with an investment fund or a strategic investor, and also floatation on the Stock Exchange in order to support the company's development. In January, Cargus was already in negotiations with DHL, according to market sources. DHL's turnover from shipping services revolved around 28 million euros last year, given the growth rate announced by company representatives. "We expect DHL and Cargus to become No. 1 on the Romanian shipping market," said Gian Sharp, Managing Director of DHL International Romania. This transaction will bring Cargus-DHL's cumulated business (domestic and international) to over 65 million euros this year, and leave behind companies such as TNT, which primarily operates in international shipping, as well as local player Fan Courier.
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