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outbound shipments from the United States. Around 1985, a study
reflected that DHL ranked first for international service in the
user samples, and its customer awareness was highest among large
shippers who shipped packages both domestically and
internationally. A 1986 report explained that DHL had a high
name awareness even though the amount spent to advertise the name
at the time was low. Although DHLI/MNV (international business)
was growing faster and was more successful during the 1980’s, as
of the time of the transactions in question, DHL remained a
important part of the worldwide delivery network. DHL was
valuable to DHLI/MNV by delivering packages in the United States
and by providing shipments originating in the United States to
the international portion of the network for delivery. Without
DHL, the DHL network would have had to obtain a delivery agent to
deliver international-origin shipments in the United States and
find new sources of outbound shipments from the United States.
As of the time of the transactions in question, over 20 percent
of the total third-party revenues earned by the DHL network
outside the United States was estimated to be attributable to
DHL.
II. Stock Ownership and Control
As of December 1, 1989, 77.61 percent of DHL’s outstanding
stock was owned as follows: Hillblom, 46.75 percent; Cheiro’s
Consultancy Services Ltd. (Cheiro), 21.59 percent; and W.
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