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(Sharecast News) - The owner of the Royal Mail is considering a potential bid for Czech parcels giant Packeta worth up to €500m, it was reported on Wednesday.
The business was put up for sale in May, and the latest round of bids are due by the end of this week.
According to The Times, International Distribution Services is considering bidding, as it looks to further bolster its overseas parcels business GLS. The division employs more than 22,000 people in 40 countries.
However, competition is likely to be stiff, with a number of private equity firms thought to be interested. In August, it was reported that Advent International had been shortlisted to acquire the business - which is known in its domestic market as Zasilkovna - along with Czech investment firm PFF.
IDS declined to comment on the report.
Packeta was founded in 2010 and has expanded rapidly to become the largest logistics group in the Czech Republic. It has operations in Slovakia, Poland, Hungary, Romania and Germany as well as its home market.
IDS changed its name from Royal Mail last year, to reflect both the structure of its two core businesses, GLS and Royal Mail, and the growing importance of GLS to the company.
Last month, IDS said half-year revenues at Royal Mail had fallen 3% to £3.5bn, but had risen 6% at GLS to £2.3bn.
GLS posted an adjusted operating profit of £150m, while Royal Mail slid to a £319m loss. Overall, group losses came in at £169m.
