Dutch TNT Express to complete Spanish network via acquisitions

Dutch express mail couriers TNT Express, a unit of the local mail, express and logistics company TPG NV, currently seeks takeover opportunities in Spain in order to complete its network in the country, TNT Express management board member Marie-Christine Lombard said at the annual TPG general shareholders’ meeting of TPG on April 7, 2005.

According to TNT Express, Spain is one of the fastest growing markets in Europe.

At the meeting, TPG shareholders approved the statutory name change of TPG NV into TNT NV. The meeting also approved the reduction of TPG issued capital through cancellation of the shares, repurchased from the Dutch State. TPG bought back 20.7 million shares from the State for a total of some 400 mln euro (USD515.6 mln).

The Dutch State, currently holding a 19 pct stake in TPG, expressed in 2003 its willingness to reduce its stake to 10 pct.