Dutch mail and express group TNT yesterday completed its latest share buyback of EUR 400 million.
It brings to EUR 1.4 billion the total value of shares TNT has repurchased since January 2006in moves analysts widely see as protecting the group against a possible hostile takeover.
In the latest buyback, which began on 23 April, TNT repurchased over 12.5 million shares atan average price of 31.76 euros per share, which it said it would immediately cancel according tothe law and the company’s articles of association.
Yesterday it bought the final 125,620 shares in the buyback programme at 30.50 euros pershare. TNT’s issued share capital now rests at just over 379 million shares.
The group announced a further EUR 500 million buyback programme, to take place later thisyear, when it announced a 10.4% increase in net half-year profits to EUR 467 million at the end ofJuly.
