DEAL NEWS TRANSPORTATION & LOGISTICS - WHAT'S UP IN YOUR MARKET - A FOCUS ON DEALS ACTIVITY - PWC
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Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
www.pwc.de
Deal News
Transportation
& Logistics
What's up in your
15. February 2018
market – a focus
on deals activityDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
Urgent Cargus Romanian courier company Urgent Cargus could launch an initial public
could be listed offering if direct sale talks fail, the Romanian-language daily Ziarul
(translated) Financiar reported. The item quoted a management source at Abris
Capital, the private equity house which owns the company. In January,
Warburg Pincus pulled out of the bidding race, leaving Mid Europa
Partners and Hungarian Post as potential buyers for the EUR 150m
worth courier company, as reported by Romanian news portal
mirsanu.ro. Rothschild handles Abris’s exit, as reported. Urgent Cargus
generated a turnover of EUR 85m last year, according to Ziarul
Financiar.
15.02.2018 Ziarul Financiar
24.01.2018 Mirsanu.ro
Mirsanu.ro
Prins Transport Prins Transport, a Dutch specialist in the transportation of chilled and
acquired by Müller frozen food products, has been acquired by compatriot industry peer
Fresh Food Müller Fresh Food Logistics, Het Financieele Dagblad reported. The
Logistics newspaper cited an announcement made by Müller. Financial details of
(translated) the transaction were not mentioned. Prins Transport is a family-owned
company based in Lekkerkerk. Its turnover is EUR 13m and the
company has 100 employees, the Dutch-language daily said. The
acquisition will see revenue of Müller raise to almost EUR 85m and its
staff to 800, according to the business daily. The company is based in
Holten.
12.02.2018 Het Financieele Dagblad
TransContainer Enisey Capital is interested in acquiring a 50% stake in Russian
suitor Enisey intermodal container operator TransContainer from RZD, but all will
Capital interested in depend on the terms of the auction, a Russian newswire reported. For
50% stake the information, the Prime report quoted Alexander Abramov, a co-
acquisition from owner of Enisey Capital, speaking on 9 February at the sidelines of the
RZD (translated) Russian Business Week. Enisey Capital is affiliated with Russian
entrepreneurs Roman Abramovich and Alexander Abramov, the item
reported. The Russian newspaper RBK Daily first reported that Enisey
Capital plans to participate in the privatisation of the controlling stake in
TransContainer, citing a source close to one of the bidders for the asset,
and a source close to Russian state-run railway operator RZD —
TransContainer ‘s controlling shareholder. According to the sources,
Enisey Capital is preparing to conduct due diligence of TransContainer.
The item reported that in December 2017, Enisey Capital had acquired a
24.5% stake in TransContainer from non-state pension fund NPF
Blagosostoyanie.
12.02.2018 Prime
09.02.2018 RBK DailyDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
Italo bidder GIP ITALO – Nuovo Trasporto Viaggiatori S.p.A. (“Italo” or the “Company”)
raises offer to about announced that the shareholders indicated below have decided to accept
EUR 2bn - NTV BoD the offer received from Global Infrastructure Partners III funds (“GIP”)
accepts offer; IPO – international infrastructure investor which manages approximately
prospectus will be USD 40bn for its investors – for the purchase of the entire share capital
withdrawn of Italo (the “Offer”). A Board of Directors’ meeting has thus been called
tomorrow morning in order to acknowledge the aforementioned and,
consequently, proceed with the withdrawal of its application for the
publication of the Listing prospectus filed with Consob and for the
admission to listing of Italo’s shares filed with Borsa Italiana. The Offer
concerns 100% of the share capital at an equity value of EUR 1.940bn.
Furthermore, the offer includes the right of the current shareholders of
ITALO to receive the EUR 30m dividend resolved upon by the
Company’s shareholders’ meeting on January 19, 2018 and it foresees
that the Company incurs expenses in connection with the interrupted
listing process for an amount up to EUR 10m, therefore bringing the
total value of the transaction at EUR 1.98bn; provides that the sale and
purchase agreement enclosed therein shall be entered into by February
11, 2018, it being understood that closing of the transaction is
conditional upon the obtainment of the antitrust authorizations
prescribed by law; confirms the option granted to its recipients to
reinvest up to 25% of the proceeds from the sale at the same conditions
applied to GIP in the context of the purchase. The option can be
exercised by one or more recipients of the offer, without prejudice to the
maximum limit of 25%. Earlier on, Reuters reported that Global
Infrastructure Partners (GIP) has increased its bid for the Italian railway
company to about EUR 2bn (USD 2.44bn), citing a source familiar with
the matter speaking on Wednesday for the information. GIP, had
initially offered EUR 1.9bn for Italo, excluding debt, the item said. Italo’s
board had met on Wednesday to discuss the initial bid from GIP, the
article continued. However, the board suspended the meeting when it
received GIP’s improved offer to allow shareholders an opportunity to
accept the bid or reject it, the source said. Italo had been planning to list
a stake of up to 40% on the Milan stock exchange by the end of
February, the item noted. In January, Il Sole 24 Ore reported that NTV,
has carried out a pre-filing for its IPO with Italy's securities regulator,
Consob. The unsourced report said that the aim of the pre-filing is to
speed up the timetable of the IPO.
19.01.2018 Il Sole 24 Ore
07.02.2018 Company Press Release*
07.02.2018 Newswire Round-upDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
Transeich Brazilian logistics company BBM Logística has agreed to acquire
Armazens, Transeich Armazéns Gerais and Transeich Assessoria e Transportes
Transeich from Kuehne + Nagel Serviços Logísticos, according to a public case
Assessoria to be filing. The merger filing appeared in the 1 February edition of the
acquired by BBM Federal Register. The Brazil-based Transeich companies are wholly-
Logistica from owned indirect subsidiaries of Swiss transport and logistics company
Kuehne + Nagel Kuehne & Nagel International, the filing said. Transeich Assessoria
provides road freight services, and Transeich Armazéns provides dry
cargo storage services through a warehouse located in Rio Grande do Sul
state, according to the filing. The deal is subject to CADE’s approval.
02.02.2018 Regulatory Authority Press Release (Translated)
Redyser Transporte Royal Mail plc today announces that General Logistics Systems (GLS)
acquired by Royal has acquired the Spanish express parcels delivery company, Redyser
Mail's General Transporte (Redyser). Redyser will further enhance GLS Spain's
Logistics Systems domestic offering and strengthen our position as Spain's second biggest
for EUR 16.5m express parcels network following our acquisition of ASM Transporte
Urgente in June 2016. Headquartered in Murcia, Spain, Redyser
predominantly serves the express parcels segment delivering around 14
million parcels annually. It operates through a network of over 200
agencies and franchises and 12 own operated sites in Spain's main cities.
The total consideration paid for 100% of the shares in Redyser is EUR
16.5m (approximately GBP 14.5m). Redyser generated revenue of
approximately EUR 45m in the year ended 31 December 2017. Redyser
will be consolidated within our existing Spanish operations.
01.02.2018 Stock Exchange Announcement(s)
Thermo-Transit Lithuanian transportation and logistics group Girteka Logistics has
acquired by Girteka acquired the remaining 60% stake in Danish transport company
Logistics Thermo-Transit for an undisclosed consideration to become its sole
(translated) owner, Verslo Zinios reported. The Lithuanian-language report cited
Paulius Dambrauskas, Chief Operations Officer at Girteka, for the
information. The more than EUR 100m-turnover Thermo-Transit
employs around 600 staff and has offices in Denmark, Norway, Sweden,
Poland, and Germany, the item said. Girteka acquired an initial 40%
stake in Thermo-Transit in November 2015, as reported.
31.01.2018 Verslo Zinios
Aeroexpress suitors Russian entrepreneurs Iskander Makhmudov and Andrei Bokarev have
Iskander increased their ownership in Russian railway operator Aeroexpress,
Makhmudov, Russian-language newswire Interfax reported on 30 January in an
Andrei Bokarev article republished on Vedomosti website. The ownership was increased
increase ownership through the acquisition of AE-Invest, according to the report. Citing the
through AE-Invest database from business information service Spark-Interfax, the item
acquisition reported that Makhmudov and Bokarev became the owners of 70% and
(translated) 30% stakes in AE-Invest, respectively. The 100% stake in AE-Invest wasDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
put up for sale by Delta-Trans-Invest. The item reported that ownership
changes took place on 24 January. AE-Invest owns a 12.5% stake in
Aeroexpress, which it acquired from the company in September 2017. As
a result of the acquisition of AE-Invest, Makhmudov and Bokarev
acquired also the above mentioned 12.5% stake in Aeroexpress, the item
said. Earlier, Makhmudov and Bokarev directly owned a 17.5% and 7.5%
stake, respectively, in Aeroexpress. As a result of the transaction,
Makhmudov increased his ownership in Aeroexpress to 26.25% and
Bokarev to a 11.25% stake, the item reported. According to the report,
Delta-Trans-Invest now owns a 33.34% stake in Aeroexpress. Russian
daily Kommersant also reported this development today, noting that as a
result of the ownership changes, the two businessmen jointly own a
37.5% stake in Aeroexpress. One expert cited in the report noted it is
likely that in the future, the share of Bokarev and Mahmudov in the
company will increase even more. In 1H17, Aeroexpress generated RUB
2.9bn (USD 51.5m) and a RUB 440m under Russian accounting
standards RAS, Kommersant reported. Interfax also reported that
Aeroexpress CEO Alexey Krivoruchko owns a 4.16% stake in the
company. Makhmudov and Bokarev are co-owners of Russian
metallurgy holding company UGMK, Kommersant said.
31.01.2018 Interfax
Toll Collect to be Toll Collect, the German highway toll collection firm, is to be
temporarily temporarily nationalized, according to a newswire report. The 29
nationalized January Reuters article cited the German transportation ministry as
saying the German government will take control until a new entity is
found to operate the business. Toll Collect is 45% held by the vehicle
company Daimler, while a 45% stake is in the hands of the German
telephony group Deutsche Telekom and a 10% stake is owned by French
motorway constructor Cofiroute. The ministry's spokesperson said the
nationalization will take place in September, after which there will be a
bidding process for the renewal of the operational contract, which is to
expire this year.
30.01.2018 Newswire Round-up
UVZ-Logistic: FAS Russia’s Federal Antimonopoly Service (FAS) has allowed Invest-
allows Invest- Logistika to acquire a 100% stake in Russian logistics operator UVZ-
Logistika to acquire Logistic (UVZL), a subsidiary of Uralvagonzavod (UVZ), the state-owned
100% stake diversified machinery group, reported Kommersant. The Russian daily
(translated) cited a corresponding statement by the FAS, the country’s antitrust
regulator. Invest-Logistika is owned by Alexander Samusev, the General
Director of UVZL, who is also the head of Pervaya Nerudnaya
Kompaniya (PNK) – a company belonging to Artem Chaika (the son of
Russian Prosecutor General Yuri Chaika). UVZ is controlled by Russia's
state corporation Rostec. According to the report, the buyer promises to
repay the entire volume of debts and guarantees of the UVZL, which are
close to RUB 120bn (USD 2.13bn). UVZL has RUB 28bn (USD 497.5m)Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
debt and RUB 90bn sureties, Rostec CEO Igor Chemezov told
Kommersant in an interview on 27 December, the paper reported.
According to the report, in February 2017, UVZ made an attempt to sell
UVZL to Trinfico Property Management , controlled by non-state
pension fund NPF Blagosostoyanie, but the deal was not approved by the
FAS. Afterwards, the management of UVZ announced its intention to
conduct a tender. Rostec and UVZ refrained from answering a question
whether the tender will take place, but they told Kommersant that the
deal with Invest-Logistika was approved by UVZ Board of Directors, and
it provides for full repayment of obligations and removal of sureties.
Despite the announced intention to hold a tender, UVZ wants to close
the deal as soon as possible, Kommersant also learned, citing a source
close to the involved parties.
30.01.2018 Kommersant
B&B International B&B International, a French freight-forwarding company, has been
bought by Lyseo - bought by transportation services group Lyseo, according to an
report (translated) unsourced report from Capital Finance. B&B International generates
revenues of EUR 9m, the report mentioned.
29.01.2018 Capital Finance
Russkaya Troyka Russian transportation group FESCO [MCX: FESH], has received
50% stake to be approval from the Federal Antimonopoly Service (FAS) to acquire 50%
acquired by FESCO in container operator Russkaya Troyka, a Russian newswire reported.
(translated) The Prime report on 25 January evening quoted a corresponding
statement by FAS, the Russian antitrust regulator, which approved an
application filed by FESCO for the above acquisition. The authorized
capital of Russkaya Troyka stands a RUB 944m (USD 16.7m), the report
said. Russkaya Troyka‘s assets stood at RUB 1.48bn (USD 26.3m) as of
31 December 2016, the company’s website shows.
29.01.2018 Prime
EuroBeta 40% stake Heppner, the French family-owned road transport and logistics
acquired by company, acquired 40% stake in the Spanish EuroBeta Internacional, La
Heppner Vanguardia reported, citing the EuroBeta co-founder Daniel Fernandez.
(translated) The deal includes an agreement to acquire the remaining 60% of
EuroBeta in 2019, the Spanish-language daily said. EuroBeta, founded
in 1992 and based in Catalonia, specializes in the transport of parcels
and industrial groupage in Europe. In 2017, it had a turnover of EUR
7.6m. This is Heppner’s first acquisition in Spain, La Vanguardia noted.
In 2016, the French group reported sales of EUR 643m. EuroBeta’s
owners were its co-founders Jaime Huerta Garrido, managing director;
Daniel Fernández, assistant general manager; Ricard Andreu, traffic
manager; and Isabel Varela, director of administration.
29.01.2018 La VanguardiaDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
Euroterminal PKP Linia Hutnicza Szerokotorowa (PKP LHS, PKP Broad Gauge
Slawkow suitor PKP Metallurgical Railway Line), the Polish company that manages the broad
LHS expects to gauge infrastructure and offers traction service and additional logistics-
finalise acquisition forwarding service, hopes to finalize the takeover of Polish terminal
by mid-2018 operator, Euroterminal Slawkow, by mid-2018, reported Puls Biznesu,
(translated) quoting PKP LHS Chief Executive Zbigniew Tracichleb. PKP LHS
expects to begin talks within 1Q18, Tracichleb confirmed. It does not yet
know how much the takeover will cost, but the company has secured
part of the funds for the investments, according to Tracichleb. At
present, an 81.4% stake in Euroterminal Slawkow belongs to Grupa
CZH, while PKP LHS and Polish cargo operator PKP Cargo [WSE:PKP]
own a 9.3% stake each. Euroterminal Slawkow estimates its handling
capacities at almost 285,000 containers per year, the paper reported.
The terminal is also able to reload about 2m tons of coal, 380,000
tonnes of steel products and approximately 365,000 tonnes of other
mass goods, such as salt, biomass or grain, as well as 200,000 goods on
pallets. PKP LHS had previously announced it intends to allocate PLN
800m (USD 240.3m) for development by 2025, the report added. PKP
LHS, a company in the state-owned railway group PKP, is the longest in
Poland broad-gauge line intended for the transport of goods, its website
shows. It links the Polish - Ukrainian crossing border Hrubieszow / Izow
with Silesia and ends in Slawkow in Dabrowski Basin (Zagłębie
Dąbrowskie). Its length amounts almost 400 km.
29.01.2018 Puls Biznesu
RDIF with partners Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth
plans tens of fund, has announced plans to invest, jointly with partners, tens of
millions of dollars millions of dollars in the joint venture of Yandex.Taxi and Uber, a
investment in Russian newswire reported. The plans were announced by RDIF CEO
Yandex.Taxi/Uber Kirill Dmitriev, speaking on the sidelines of World Economic Forum in
JV (translated) Davos, as quoted by Interfax. RDIF plans investment in the merged
business of Uber and Yandex.Taxi and hopes that the deal will be closed
in the near future, Dmitriev was quoted in the report as saying. RDIF
will invest jointly with its partners, including Russia-China Investment
Fund (RCIF), Dmitriev noted. The investments involve about tens of
millions of dollars, according to Dmitriev, adding that RDIF would like
to invest even more with partners, but the company itself limited the
amount of capital they could invest. According to the report, in mid-
2017, Russian multinational technology company Yandex
[NASDAQ:YNDX] and Uber, the San Francisco, California-based car
transportation mobile app developer, announced an agreement to
combine their ridesharing businesses in Russia and neighbouring
countries. The parties valued the joint business at USD 3.725bn.
26.01.2018 InterfaxDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
Blacklane raises Blacklane, a German professional chauffeur service, said it has raised its
largest investment largest investment to date. Proceeds from the Series D round will fund
to date new cities, global airport concierge services and product innovation. The
company did not reveal the amount raised from new investor ALFAHIM,
a UAE-based automotive, hospitality and travel, real estate and
industrial conglomerate, and existing investors Daimler AG, through
subsidiary Daimler Mobility Services, and btov Partners. Blacklane CEO
Jens Wohltorf told this news service recently that the company is
looking for opportunistic acquisition in the travel services sector and
would welcome approaches from advisers with suggestions of targets. In
mid-October 2017 it acquired US-based airport concierge company
Solve. According to the CEO, other investors in Blacklane include Alstin,
the investment vehicle of German businessman Carsten Maschmeyer,
German RI Digital Ventures, Swiss firm b-to-v Partners, Japanese
company Recruit Holdings, Swiss business car4you, and Blacklane’s
founders. The press release cites Ahmed AJ Al Fahim, Chairman of
ALFAHIM saying “Combining our nationwide expertise and diversity
with Blacklane’s reinvention of the professional driver industry for the
benefit of travelers, drivers and partners, will bring unequivocal
innovative luxury services to the Middle East and Africa. Blacklane’s
ambition and brand strength make it the ideal company to add to our
global portfolio.” The investment will also reduce stress and wasted time
in hundreds of airports. The company will launch Blacklane Premium
Airport Services & Solutions (Blacklane PASS) worldwide. “Blacklane
made professional driver services accessible to the mass travel market,
and will do the same for airport concierge services. This is huge
untapped opportunity for Blacklane and its partners,” said Jochen
Gutbrod, Partner, btov Partners and Blacklane Chairman of the Board.
24.01.2018 Company Press Release(s)
Ninja Van draws DPDgroup, a unit of Le Groupe La Poste-owned GeoPost, announced
DPDgroup among that it took part in Singapore-based delivery firm Ninja Van's funding
investors for Series and has become an investor. Financial terms weren't disclosed.
C round DPDgroup's release reads: By becoming an investor in this rapidly
growing parcel delivery service provider in South East Asia, DPDgroup
intends to better understand and seize the business opportunities of the
local domestic markets, and to provide fruitful connections to its many
existing investments and partners worldwide DPDgroup is one of the
investors to participate in funding of Ninja Van, a Southeast Asian
logistics start-up. Ninja Van is a technology-enabled, last-mile logistics
operator, which provides hassle-free delivery solutions to businesses of
all sizes. Ninja Van operates parcel delivery networks in Indonesia,
Malaysia, Philippines, Singapore, Thailand and Vietnam.
24.01.2018 Company Press Release(s) (Edited)Deal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
TransContainer: The participation of foreign companies in the acquisition of a 50% stake
foreign companies plus 2 shares in Russian intermodal container transportation company
participation in TransContainer [LSE: TRCN], currently owned by state-run Russian
acquiring RZD stake Railways (RZD), may be limited, reported Kommersant. The
may be limited government proposes not to allow foreigners to buy even a blocking
(translated) stake in TransContainer, the Russian newspaper reported, citing the
minutes of a meeting in the Ministry of Economic Development, which
took place on 15 January. According to the document, it is recommended
to limit the participation of foreign companies in joint ventures or
consortiums that plan to participate in the auction for TransContainer,
to 50% minus one share. The paper reported that this measure could
primarily affect Vladimir Lisin’s transportation group UCL Holding,
which planned to participate in the auction jointly with the international
operator Mediterranean Shipping Company (MSC), as well as the
partnership of the French CMA CGM with the Russian transportation-
logistics operator Logoper, controlled by Alexander Kakhidze. The item
reported that Russia’s sovereign wealth fund - Russian Direct
Investment Fund (RDIF) – may also bid jointly with a foreign partner.
The auction is planned for April, the paper reported. The Ministry of
Economic Development did not respond to Kommersant query.
23.01.2018 Kommersant
Gondrand to be Nordic Transport Group (NTG), the Danish transportation company, is
acquired by Nordic to acquire its family-owned Swiss peer, Gondrand, according to Borsen.
Transport Group The Danish business daily cited NTG manager, Mikkel Fruergaard, who
(translated) said that the Gondrand buy will be the last larger deal for the company
ahead of its planned future IPO. He said that NTG is still interested in
smaller acquisitions though, as per usual. The item noted that Gondrand
has a turnover of DKK 1.65bn (EUR 222m) and will bring NTG's
turnover to DKK 5bn (EUR 672m). The deal value is undisclosed.
23.01.2018 Borsen
Suppla to be Valorem, a Colombia-based conglomerate, has reached an agreement
acquired by DHL with DHL Supply Chain to sell Suppla for up to COP 200bn (USD
Supply Chain for up 69.6m), the seller said in a statement. The buyer is a subsidiary of
to COP 200bn Germany-based Deutsche Post DHL Group [ETR: DPW]. The deal value
will total between COP 175bn and COP 200bn, it said. The target is a
Colombia-based logistics company. The transaction needs the approval
of Colombian regulatory authorities.
17.01.2018 Company Press Release (Translated)
Albayrak Turizm Albayrak Turizm Seyahat, the Turkish transportation group, is planning
Seyahat seeks to sell to float shares valued at TRY 97.65m (USD 26m) through the coming
shares valued at initial public offering of port management company Trabzon Liman
TRY 97.65m via Isletmeciligi. The Capital Markets Board announced that it had received
Trabzon Liman IPO a request from Albayrak to sell 6.3m shares via the IPO, which will beDeal News – Transportation & Logistics
What's up in your market – a focus on deals activity, February 2018
priced at TRY 15.50 apiece. The company expects to attain TRY 325.5m
valuation through the IPO.
16.01.2018 Regulatory Authority Press Release*
Leimgruber Leimgruber, the Swiss road haulage company, has been acquired by
acquired by Planzer Swiss logistics and transport company Planzer, Aargauer Zeitung
(translated) reported. The Swiss daily said the companies announced the deal which
secures the future of Leimgruber. Leimgruber has 300 employees.
Financial terms were not disclosed.
16.01.2018 Aargauer Zeitung
Apex acquired by Heinz Entsorgung, a German recycling specialist, has acquired Apex, a
Heinz Entsorgung local freight company, retroactively as of 1 January 2018, EUWID
(translated) reported. The German-language trade publication quoted Josef Heinz,
the CEO of Heinz Entsorgung. No deal value was disclosed. Apex, which
has offices in Hamburg and Bremen, was founded in 1981 and has 70
employees. Heinz Entsorgung generated a turnover of EUR 62m in 2015.
15.01.2018 EUWIDDeal News – Transportation & Logistics What's up in your market – a focus on deals activity, February 2018 Contact Dr. André Wortmann Andreas Mackenstedt Domshof 18-20 Friedrich-Ebert-Anlage 35-37 28195 Bremen 60327 Frankfurt am Main Andre.wortmann@pwc.com Andreas.mackenstedt@pwc.com Tel.: (040) 6378 1414 Tel.: (069) 9585 5704 Legal Disclaimer: The information included in this Newsletter is only meant for general information purposes and not intended to replace consultation with respect to concrete technical advice. We accept no responsibility for any actions taken as response hereto. While we have made any attempt to ensure that the information contained in this Newsletter has been obtained and arranged with due care, we accept no responsibility for the completeness of the information. Certain references in this Newsletter provide you with further information or with pronouncements maintained by third parties over whom we have no control. We make no representations as to the completeness or any other aspect of such information or pronouncements. The Newsletter is solely meant for your information; the Newsletter or copies thereof shall not be passed in whole or in part to any third party and is not to be published or referred to in a public document, the internet or any other public media. We would like to emphasize that the special features of electronic mails incur the danger of technical problems (e.g. caused by viruses). Therefore we may not accept any responsibility for the integrity of our e-mails after they have left our sphere of control. © January 2018 www.pwc.de
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