With effect as at 31 December 2007, DHL Global Forwarding acquired all of the shares in FC (Flying Cargo) International Transportation Ltd., Tel Aviv. The company is the market leader in air and ocean freight in Israel and has acted there for many years as an agent for DHL Global Forwarding. The purchase price amounts to €74 million; the first instalment of €43 million is due in January 2008, whilst the second instalment of €31 million is due in January 2010. Goodwill is provisionally estimated to be €73 million. The allocation of the purchase price is expected to be completed in the 2nd quarter of 2008.

In total, around €347 million was spent on acquisitions in financial year 2007 (previous year: €2.2 billion). The purchase prices of the acquired companies were paid by transferring cash and cash equivalents. Further details about cash flows can be found in Note 47.