TNT splits Express and Mail businesses
Following the announcement in August that TNT planned to split its Express and Mail divisions, the company will demerge the two business units, with TNT retaining a 29.9% stake in the Express business and 100% of the Mail business unit. TNT believes the split will strengthen the existing Express business and enable the company to expand into adjacent market segments:
The Express division will segment reporting into the following regions: Europe & MEA, ASPAC, Americas and Other Networks The Express division will have a new management board, with Marie-Christine Lombard as CEO and Bernard Bot as CFO. Regarding the Mail division, the company plans to expand activities in areas with core competencies. The Mail division’s reports will now be segmented as follows: Mail in the Netherlands, International and Parcels The Mail division will also have a new management boards, headed by CEO Harry Koorstra. TNT aims to have the internal legal and organisational separation completed on January 1st, 2011. The transaction will be proposed to general meeting of shareholders planned for May 2011, including appointments to the new executive and supervisory boards. CEO Peter Bakker commented that the proposal realises all stakeholder objectives in a low-risk and efficient demerger transaction and provides shareholders the opportunity to invest in two sector leaders. "The value of the 29.9% financial minority stake of Express retained by Mail, required to realise the demerger, will be returned to shareholders as soon as possible, up to the level allowed by Mail’s targeted credit rating. I am pleased to announce that TNT has obtained all the required positive advices from its relevant works councils." He continued: "Express and Mail today also present robust plans for the future. In Europe, Express has identified profitable growth opportunities in high-end standard parcels and freight and in sector-specific value-added solutions. In emerging markets, Express will continue to lead the way in the development of day-certain express services and further grow its intercontinental business. "Mail Netherlands is currently hampered by an ongoing lack of agreement with the unions on the social consequences of the Master plan restructuring. Discussions with unions are constructive and continuing, while in the meantime the government-appointed investigator has commenced his work. Therefore, TNT today only presents a business update for Mail focusing on the situation in the Netherlands and highlighting the attractive developments in its Parcels and International activities." According to supervisory board chairman Piet Klaver, Bakker, who has been with TNT for almost twenty years, has decided to leave the company on completion of the demerger, until which time Bakker remains fully committed and mandated to lead the company. Quelle: eyefortransport |