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Deutsche Post buys UK Mail to establish cross-border parcel network

Reuters - UK Focus

FRANKFURT, Sept 28 (Reuters) - Deutsche Post (LSE: 0H3Q.L - news) on Wednesday announced it had reached an agreement to acquire UK Mail Group for cash, valuing it at 243 million pounds ($316 million).

Deutsche Post hopes the deal will deliver significant synergy benefits and strengthen its position in the British mailing market.

Deutsche Post will pay 440 pence per UK Mail (LSE: UKM.L - news) share, which represents a 43.1 percent premium over UK Mail's Tuesday share price, it said.

UK Mail directors are recommending that shareholders accept the offer.

($1 = 0.7683 pounds) (Reporting by Tina Bellon; Editing by Georgina Prodhan)