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TNT rejects UPS takeover offer despite heavy losses


 
TNT Express has announced a “New strategy: Building on Strengths” focusing on Europe. This is in the face of substantial losses outside of its home territory.
 
TNT Express intends to reduce its exposure to fixed intercontinental capacity by divesting, subleasing or capacity sharing. The company plans to enhance worldwide service to customers by entering into cooperation agreements with leading airline operators.
 
Despite the losses, the company says its “financial position is sound” with net debt of €7m, available cash and cash equivalents of €250m and an un-drawn
facility of €570m. (EUR 1 = AUD 1.31 approx.)
 
The “unsolicited” takeover bid by UPS was at an indicative price of € 9 per ordinary share, valuing the company at around €5 billion. TNT Express’ 2011 operating losses were €360 million in the Americas and €76 million in the Asia-Pacific region, contrasting its operating profit of €356 million in Europe.
 
Overall, TNT Express reported an operating loss of €105 million on revenues of €7.25 billion.
 
The TNT Express boards has rejected the UPS proposal “but continue to be in discussions.”

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