TNT Talked To Several Parties Last Year, Only UPS Made Offer
April 11 2012 - 9:43AM
Dow Jones News
TNT Express NV (TNTE.AE) last year held talks with several
parties about a potential acquisition before the Dutch shipping
company in March agreed to an offer from U.S. rival United Parcel
Service Inc. (UPS), Supervisory Board chairman Antony Burgmans said
Wednesday.
In March, UPS said it had agreed to buy smaller rival TNT
Express in an all-cash deal valuing the Dutch package shipper at
EUR5.16 billion.
In response to questions from shareholders at the annual meeting
of shareholders, Burgmans said that while interest was moderate,
the company did hold talks with other potential buyers. He added
that only strategic parties expressed interest and talks didn't
advance to a point where an offer was made.
Analysts and shareholders have been speculating on the potential
of U.S.-based FedEx Corp. (FDX) making a counterbid for TNT,
although those hopes diminished after FedEx Chief Executive and
founder Fred Smith reiterated his view that FedEx has no strategic
need for a big acquisition in Europe.
Smith declined to comment specifically on UPS's plan to buy
Dutch company TNT Express.
- By Robin van Daalen; Dow Jones Newswires; +31 20 571 52 01;
robin.vandaalen@dowjones.com
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