Deutsche Post to Buy Air Express

Deutsche Post, Germany’s government-owned mail service, said it will buy Air Express International Corp. for $1.14 billion, or $33 a share, a deal that would create the world’s largest coordinator of air-freight shipments. Air Express Chairman Hendrik Hartong Jr. said the company had several suitors, but only Deutsche Post made a “sincere” offer. Shares in Darien, Conn.-based Air Express rose 3 cents to close at $32.28. The shares have risen from about $26 in late October, when rumors of the takeover first surfaced. The deal, which requires U.S. and European Union regulatory approval, is part of swift consolidation in the air cargo market as bigger companies seek economies of scale. Some analysts said United Parcel Service Inc. and FDX Corp., parent of Federal Express, still might make offers for Air Express.