Aramex confirms in talks to buy Turkish delivery company MNG Kargo - Reuters

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A delivery staff member wearing a protective mask unloads parcels from a vehicle outside Aramex office amid the coronavirus disease (COVID-19) crisis, in Bethlehem in the Israeli-occupied West Bank July 19, 2020. REUTERS/Mussa Qawasma

DUBAI, Sept 12 (Reuters) - Dubai-listed Aramex (ARMX.DU), partly owned by Abu Dhabi state investor ADQ, said on Sunday it is in talks to buy Turkish delivery company MNG Kargo.

"We would like to confirm to the market and shareholders that the company has recently entered into discussions with the shareholders of MNG Kargo for a potential acquisition," it said in a bourse filing, confirming a Reuters story last week. read more

In the Reuters story, one of the sources familiar with the matter had said the potential deal could be worth as much as $500 million. It comes as relations between regional rivals the United Arab Emirates and Turkey show signs of improvement.

Aramex said in the bourse filing the discussions were still in their early stages.

Reporting by Saeed Azhar; Editing by Jacqueline Wong

Our Standards: The Thomson Reuters Trust Principles.

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