Royal Mail buys Canadian rival

Good morning. Royal Mail’s international courier business GLS has announced plans to buy its Canadian rival Rosenau Transport for GBP210.5 million. The acquisition of the business, which operates in western Canada, complements its existing business in the east of the country.

GLS also has extensive operations in Europe.

Martin Seidenberg, chief executive of GLS, said: “With its strong presence in western Canada, high-quality, entrepreneurial culture, as well as freight capabilities and parcel potential, Rosenau Transport’s model is similar to our existing Canadian business and provides an excellent fit.”

We’ll have a full story shortly from Tom Howard on thetimes.co.uk/#section-business.

On the corporate front this morning:

oEurowag, the transport logistics group that dubbed itself the “Uber of the trucking world”, has been forced