BAX Acquisition Update

November 11, 2005 by Splatty  
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Just a quick update regarding the Deustche Bahn-Bax acquisition. According to Reuters, Bahn’s supervisory board is expected to vote on the proposed acquisition on Saturday November 12, 2005. Brinks shares surged 10% on Monday following the announcement.

BAX Global moves heavy cargo around the world, through a network of 500 offices in 133 countries, using its own 18-plane air fleet as well as trucks and ships under contract.

With more than 11,000 employees, the unit notched sales last year of $2.4 billion.

The BAX unit has struggled to turn a profit, delivering just $56 million in operating profit in 2004, and a combined $21 million in profit in the two years previous.

Selling the transport unit would allow Brink’s to focus more on its home-security division, the second largest in the United States. source – AP

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