Unions are warning the Dutch government against the plans of so-called ‘activist’ shareholdersin TNT Express and are seeking direct talks with ministers over the issue.
Their move follows the attempt by investors Jana Partners and AIMCO, which jointly hold 5% inTNT Express, to shake up the company’s supervisory board with three new members whom they proposedand their earlier criticism of management for allegedly “destroying shareholder value”. The NorthAmerica-based funds criticise the company’s poor financial performance and share price slump.
Four unions, the CNV, FNV Bondgenoten, BVPP and Abvakabo FNV, have jointly written to the Dutchministers for employment and for economic affairs to express their concerns about the two funds’plans. The unions said they feared the impact on security, employment, working conditions, pensionsand social conditions at TNT Express.
They said they wanted direct talks with the two ministers and called on the government toprevent “another Dutch company from being ruined” by ‘activist shareholders’, citing the pastexamples of firms such as Stork, HEMA, ABN AMRO and PCM.
Abvakabo FNV chief Susan Eijgermans and FNV Bondgenoten leader Egon Groen declared: “We are notwaiting for a shareholder who is merely bent on quick profit maximisation, but want shareholderswho explicitly take the interests of employees into account. If we want to avoid such a scenario,then the government’s help could be of good use. “
The unions pointed out that TNT NV had already been split into PostNL and TNT Express last yearunder pressure from Jana and AIMCO.
In their letter to the government, the unions said it appeared from press articles that thefunds wanted TNT Express to be sold to UPS, FedEx or DHL but this was a long-standing rumour thathad never turned into reality, while a breakup of TNT would be a ‘death sentence’ for the company.The unions stressed their support for TNT as “a network company with a long-term strategy”.
