TNT said today that it had completed a EUR 1 billion share buy-back funded from the proceeds of thesale of its logistics division in November.
The group moved rapidly to repurchase the 31 million shares, completing the buy-back threemonths earlier than forecast, and intends to cancel them at the next shareholders’ meeting, leavinga total of just under 389 million entitled to dividend.
Analysts see the buy-back – performed in addition to one completed in April last year,cancelling 36 million shares – as a way of TNT strengthening its hand to ward off any potentialfuture takeover suitors.
TNT sold its logistics division to private equity firm Apollo Management for EUR 1.48million. The division has been kept intact and is now trading worldwide under its new name, CevaLogistics.
