Shareholders of TNT today approved the de-merger of the Dutch company’s express and mail operations.
The move is seen as paving the way for the eventual sale of the global express business, with UPS and FedEx tipped as the most likely bidders as they seek to boost their European “footprint.”
TNT said the breakup of the company received the go-ahead at an Extraordinary General Meeting of shareholders.
By the Numbers:
Top 30 North American Cargo Airports in 2010.
The demerger will create a new company TNT Express listed in Amsterdam while TNT will continue to run the mail operation under the new name of PostNL, which will also be listed on the same exchange.
TNT said the split up of the company was driven by “the increasingly divergent strategic profiles of the two businesses and the limited synergies between them.”
After the de-merger, which will take effect on May 31, TNT will hold a minority stake of 29.9 percent in TNT Express to cover equity and funding requirements.
TNT Express is Europe’s second largest parcel delivery company after Germany’s Deutsche Post DHL.
TNT sold its logistics and freight forwarding unit to Los Angeles-based Apollo Management for just more than $2 billion in late 2006.
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