TNT has increased its majority stake in Spring Global Mail, the three-way international mailventure with Royal Mail and Singapore Post with the exit of the latter from the partnership.
TNT announced that it has signed an agreement with Singapore Post and Royal Mail on the exitof Singapore Post from Spring Global Mail, under which its share in the joint venture increases by16.55% from 51% to 67.55%.
The parties agreed that Singapore Post will acquire the Asia-Pacific business of SpringGlobal Mail and at the same time will exit the joint venture. TNT and Royal Mail remain committedto the future growth of Spring Global Mail, continuing to own 100% of Spring Global Mail.
Spring Global Mail will independently develop new business opportunities in the Asia Pacificregion. The joint venture company, based in Amsterdam and with 1,100 employees worldwide, wasformed in 2001 by TNT, Royal Mail and Singapore Post.
