Royal Mail's GLS makes second Spanish acquisition

Union bosses have rubber stamped a deal on pay, pensions and a shorter working week for employees at Royal Mail, ending a long-running dispute.
The Communications Workers Union (CWU), which represents 110,000 postal workers, said it had endorsed the terms of an agreement and that it will now be ratified through a national ballot.
The agreement marks the end of months of negotiation and the threat of industrial action over changes to working conditions, including the closure of a generous pension scheme.
Details of the deal, which were made public on Thursday, showed that workers will now receive a three-year pay deal and a two hour cut in the working week, meaning they will be 12.33pc better off overall.
The Royal Mail also intends to shave a further two hours off the working week by 2022, bringing it to 35 hours.
Royal Mail's GLS makes second Spanish acquisition

Simon Dawson 
While the Royal Mail's existing pension plan will close from March, a new collective defined contribution scheme will replace it. The scheme is yet to be tried in the UK and will need new legislation to implement it.
Moya Greene, chief executive of Royal Mail, said the agreement marked "a new chapter" for the company's relationship with the union.
"This is an affordable and sustainable solution that enables us to continue to innovate and grow and to meet the intense competition with confidence," she said.
She also praised the work of both parties in avoiding industrial action. Union members had voted in favour of strike action last year, which Royal Mail blocked by obtaining a court injunction.
Terry Pullinger, deputy general secretary of the CWU, said the deal was "progressive and reflects leading-edge solutions in a challenging modern setting".
Earlier today, Royal Mail announced that its non-UK arm had bought Spanish parcels company Redyser Transporte.
General Logistics Systems (GLS), the non-domestic arm of Royal Mail, paid €16.5m (?14.5m) for all shares in Redyser. The Spanish parcels delivery company made revenue of about €45m in the year ended December 31.
Redyser will be consolidated into the existing Spanish operations of GLS, the company said.
The move follows GLS’s swoop for ASM Transporte Urgente in June 2016. The addition of Redyser “will further enhance GLS Spain's domestic offering and strengthen our position as Spain's second biggest express parcels network”, Royal Mail said.
Rico Back, chief executive of GLS, said: "Following the successful acquisition and integration of ASM, Redyser supports our strategy to scale up and grow existing businesses in our core markets.”
He said the acquisition would “help GLS provide a broader offering and expand our presence”.
Shares in Royal Mail rose to a high of 511.20p, their highest level since September 2016, before declining slightly. They were up 8.63pc at 510.02p in early afternoon trading.
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