German bid for TNT almost ready, shares rise

German private equity investor Cornelius Geber said on Monday a consortium planning a bid for Dutch mail and logistics company TNT NV was almost ready, sending the target company’s shares higher.

Geber first signaled interest in TNT in November. British newspaper The Business reported on Sunday that he would prefer a friendly takeover, but was prepared to go hostile if the Dutch government, which owns 10 percent of TNT, opposed a deal.

Geber, who has ties to U.S. private equity group Blackstone, told Reuters the consortium was nearly ready, but declined to comment on whether a bid would be hostile or friendly. TNT has a market value of about 12 billion euros ($14.5 billion),

“We’re working on the topic,” he said. “The consortium stands almost complete.”

TNT shares added to earlier gains after Geber’s comments and were up 2.1 percent at 26.85 euros by 1116 GMT compared with a weaker DJ Stoxx European industrial index. TNT’s shares have risen by a third since Geber said he might bid in November.

The Dutch government has a “golden share” in TNT, which gives it special voting rights, but has said it would consider giving this up once laws are in place to guarantee the public interest in a functioning postal system amid liberalization of the market.

The Business reported Geber would make an announcement on his intentions in the next couple of weeks.

TNT, which has a leading position in the European express market and is the world’s second-biggest contract logistics provider, declined to comment on the report. “It’s all speculation,” a TNT spokesman said.

The company has repeatedly been a subject of takeover speculation in recent months. Its shares jumped in September on a media report that United Parcel Service Inc. had expressed interest in buying the company as a whole. UPS denied the report.

TNT said last month it planned to sell its underperforming logistics business to focus on mail and express delivery.