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