TNT said today that it expects to reach an agreement shortly about the sale of its Logisticsdivision. International media reports have claimed that a sale to a financial investor is virtually
sealed.Two private equity firms, PAI and Apollo Management, have reportedly been shortlisted as thefinal candidates. International news agencies reported that the two investment companies werebelieved to have made offers in the range of €1.4 – €1.8 billion for the logistics business.
In a brief statement, TNT said only that further announcements will follow, if and whenappropriate. TNT Logistics has a book value of €1.15 billion and TNT has said that it expects tomake a profit on the sale.
The Dutch postal and express group announced last December that it would dispose of itsunder-performing Logistics business as part of a strategic review. CEO Peter Bakker said at thepresentation of the group’s second-quarter results on July 31 that the sale should be announcedduring the third quarter (July-September).
Meanwhile, unions in the UK and Australia have launched a campaign to target TNT Logisticscustomers with warnings about what they claimed are the potential impact on quality and servicefrom the sale. The Australian Transport Workers Union (TWU) and the British Transport and GeneralWorkers Union (TGWU) criticised the lack of union consultation over the sale, and attacked changesto pay and working conditions in Australia. The unions said they are not opposed to the sale buturged both TNT and the prospective buyer to enter into meaningful talks with them.
