Spain-Tir backpedals on ¡°no takeover¡± Declaration

Despite an unequivocal denial a month ago that Spain-Tir was even considering giving up its independence to Deutsche Bahn, not least because its financial performance indicated it could stand on its own two feet, thank you very much, the company signed an agreement yesterday under which DB subsidiary Schenker will acquire 100% of Spain-Tir.

The deal, which is still subject to regulatory approval, will enable Schenker to further expand its European land transport network, particularly on the Iberian Peninsula.

“Spain-Tir has an extensive network in Spain and Portugal that is an ideal supplement to our own European land transport network,” said Hans-Jörg Hager, the member of Schenker’s management board responsible for European land transport.

Lluis Gay Mundó, the chief negotiator for the Spain-Tir Group and one of the shareholders, said that the company has developed into one of the leading providers of land transport services in Spain and Portugal over the past thirty years, and the transaction would give customers direct access to Schenker’s global network.

Spain-TIR’s corporate management and employees will be fully integrated into the Schenker organisation.

Spain-Tir has its own network on the Iberian Peninsula, comprising nineteen branch offices – sixteen in Spain and three in Portugal. The company also has 92,000 m2 of storage area, plus 46 franchisees. The company generated €200 million in revenue last year.