Merger between DHL and Evri probed by UK's competition watchdog
The UK's competition watchdog said it would investigate a merger between British delivery firm Evri and DHL's ecommerce parcel unit.
The Competition and Markets Authority (CMA) announced the probe on Wednesday, and it is inviting interested parties to submit their comments before 25 June. After this, the CMA will formally launch its investigation.
DHL said that it was merging its UK ecommerce operations with Evri last month and explained that it would take a minority stake in the new group.
If it gets the green light, the combined entity will be one of the biggest parcel couriers in Britain, deploying more than 30,000 couriers and van drivers — and a further 12,000 workers.
Evri delivered 14% of the UK's parcels by volume in 2022, according to shipping and mailing firm Pitney Bowes.
The new group would deliver more than 1 billion parcels and 1 billion letters each year, according to Evri and DHL.
'This transaction enables the combined entity to offer a better service and a wider range of shipping options, as well as increasing efficiencies through the interlinkage of two complementary parcel networks,' a DHL spokesperson told Euronews.
'We are comfortable with the ownership structure that has been reached through this transaction and are excited about the growth opportunities this partnership brings,' they added.
Tesla stock rose marginally in pre-market trading on Wednesday after CEO Elon Musk extended an olive branch to US President Donald Trump following their public feud.
Shares were up over 2% by around midday CEST, at $332.76 (€290.98)
'I regret some of my posts about President @realDonaldTrump last week. They went too far,' Musk said in a post on X on Wednesday.
After spending millions backing Trump's successful presidential bid, Musk heavily criticised the Republicans' new tax and spending bill, creating a rift between the two men.
Musk was previously appointed by Trump to lead DOGE, the US' Department of Government Efficiency. The tech billionaire argued that the new bill, dubbed by Trump as the 'One Big Beautiful Bill Act', would irresponsibly raise the public deficit and undermine DOGE's work. Musk resigned from the department in late May after saying he was 'disappointed' with spending proposals.
In an escalation of the conflict last week, Musk called for Trump to be impeached and replaced with Vice President JD Vance. He also implied that Trump was linked with late sex offender Jeffrey Epstein, an allegation the White House denied.
As for the president, Trump threatened to terminate government contracts awarded to Musk's SpaceX firm.
On Monday, the president then took a more conciliatory tone. Trump said he wished Musk 'very well' and claimed that he would retain Starlink internet service at the White House. Even so, the US President suggested that he might remove his own Tesla from White House grounds.
The value of Tesla shares have been rocked by volatility as investors track the dramas playing out in Washington — and some dump stock in protest of Musk's politics.
Both Argus Research and Baird downgraded ratings for Tesla stock on Monday, which has seen its value drop by more than 19% since the start of the year.
Aside from the Trump-Musk feud, experts noted that risks to Tesla include the expiration of EV credits, which could dampen demand. A $7,500 tax credit for an EV purchase is set to be fully eliminated by the end of 2026, although restrictions will be applied before this.
For those wishing to use the credit in 2026, they can only buy from manufacturers that haven't yet sold 200,000 EVs. This would disqualify Tesla.
Other challenges include increased competition in the EV market, particularly from Chinese rivals such as BYD.
Despite these storm clouds ahead, Musk's enthusiasm about robotaxis appears to be inflating the stock's value. The CEO is currently hoping to roll out the self-driving taxi service in Austin, Texas, on 22 June.
In a post on his X social media platform, Musk said the date could change because Tesla is 'being super paranoid about safety'.
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France 24
an hour ago
- France 24
Trump's decision to strike Iran marks his riskiest foreign policy gamble
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Euronews
an hour ago
- Euronews
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France 24
2 hours ago
- France 24
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