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SWEDEN/BELGIUM - CVC abandons Posten merger; acquires De Post-La Poste stake

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CVC has pulled out of the proposed merger between Danish postal system Post Danmark AB, in which it holds a 22% stake, and Swedish carrier Posten AB, and simultaneously acquired Post Danmark's stake in the Belgian postal service De Post - La Poste for EUR 373m.

CVC acquired its minority stake in Posten Danmark in 2005. The same year, the two acquired a 49.9% stake in De Post - La Poste through the joint venture Post Invest Europe Sarl, which was owned 50/50 between the two.

The merger between Post Danmark and Posten, which would have seen CVC hold a minority stake in the combined entity, was agreed in April 2008. CVC has claimed that the decision to abandon the deal is due to the fact that acquiring minority interests of this nature does not fit with its investment strategy.

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