PostNL says aims to monetise TNT Express stake
AMSTERDAM (Reuters) - Dutch postal firm PostNL (PTNL.AS), the biggest shareholder in delivery firm TNT Express (TNTE.AS), said it will seek to monetise its stake and create better value for shareholders if United Parcel Service (UPS) (UPS.N) drops its takeover bid.
PostNL had expected to use proceeds from UPS's offer for TNT Express to pay a dividend.
"The transaction between UPS and TNT Express would have maximized the value of our stake in TNT Express," Herna Verhagen, CEO of PostNL said in a statement.
"If upon a formal decision of the European Commission, the acquisition of TNT Express is not pursued, we expect that we will monetise the stake over the medium term to create better value for shareholders, after we have seen stability return to TNT Express."
(Reporting by Sara Webb)
WASHINGTON - The Federal Reserve on Wednesday embarked on the risky task of winding down the era of easy money, saying the U.S. economy was finally strong enough for it to start scaling down its massive bond-buying stimulus. | Video
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.