Report: Deutsche Post Offers to Buy Exel for $6.7B

German mail and package delivery company Deutsche Post AG offered to buy British-based Exel PLC for 5.5 billion euros ($6.7 billion) in cash and stock in a deal that would make it the No. 1 company in global logistics, according to wire reports.

The deal, which still needs approval by Exel shareholders, is Deutsche Post's biggest international acquisition and comes as Europe's biggest postal service provider is trying to reduce its dependence on its German mail operations. Analysts have suggested that U.S.-based UPS Inc. could make a rival bid for Exel.

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