PostNL Could Sell TNT Stake if UPS Offer Isn't Unconditional
08/06/2012| 03:00am US/Eastern
PostNL NV (>> TNT) said Monday that it could sell or transfer up to a 10% stake in TNT Express NV (>> TNT EXPRESS) if United Parcel Service Inc. (>> United Parcel Service, Inc.) hasn't declared its offer for the Dutch package delivery firm unconditional by Sept. 19, but added that it doesn't deem such a sale or transfer opportune at the moment.
On March 19, UPS announced it had struck a deal to buy TNT Express for 9.50 euros ($11.8) per share and had already signed an irrevocable undertaking with PostNL for its stake of just under 30% in TNT.
While UPS and TNT had originally expected to close the EUR5.2 billion deal in the third quarter, it is facing a delay because the European Commission has extended its review of the deal to a phase II investigation. The second phase review could run till early December.
TNT Express and PostNL were split into two separate companies last year following rising pressure from shareholders who argued the express business should be put up for sale. Speculation about talks between TNT Express and UPS, as well as TNT and FedEx Corp. (>> FedEx Corporation) had been swirling for years.
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Corrections & Amplifications
This story was corrected at 07:53 a.m. EDT because the original misstated in the first paragraph the amount of the stake in TNT Express that PostNL can sell. PostNL can sell up to a 10% stake in TNT Express, not its whole stake of 29.9%.
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