VTG Aktiengesellschaft, a wagon hire and rail logistics company in Europe, and logistics firm Kuehne + Nagel have signed a letter of intent for a merger of parts of their rail logistics activities, which aims for a majority participation by VTG.
The merger represents an expansion of the more than 20-year partnership between VTG and Kuehne + Nagel within the scope of their joint company Transpetrol. The goal is to strengthen their market position in the European rail logistics business and allow for expansion of the logistics solutions offered in the industrial, agricultural and petrochemical goods product segments, the companies said in a joint statement.
The final contracts that will be worked out after signing the letter of intent are subject to the approval of the relevant corporate bodies and antitrust authorities. The decision is expected in the second half of 2013.