TPG drops from race for 25 pct in Post Danmark

Dutch mail, express and logistics company TPG NV dropped out of the race for a 25 pct stake in the Danish national postal operator Post Danmark, TPG spokesman Tanno Massar said on March 18, 2005.

Danish state, the owner of Post Danmark, will negotiate exclusively with the British equity fund CVC Capital Partners (CVC). The talks are to be completed in April 2005.

TPG placed a bid for a 25 pct stake in Post Danmark at the end of September 2004. Earlier, the Dutch company said it was also interested in the acquisition of a stake in Belgian postal operator De Post/La Poste and in Austrian sector company Post AG.

[Editor’s note: TPG posted a 667 mln euro ($891.6 mln) net profit for 2004 compared to 300 mln euro ($401 mln) for 2003.]

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