TNT shareholders approve logistics sale
Dutch mail firm TNT’s shareholders approved on Friday the 1.48 billion euros (USD1.88 billion) sale of its underperforming logistics business to U.S.-based private equity fund Apollo Management.
Proceeds from the sale, announced a month ago, will mostly be returned to shareholders via a share buyback.
The deal was approved with 99.9 percent. Roughly 34 percent of capital was present.
TNT announced last December its intention to sell its logistics activities to concentrate on mail and express delivery, which has 36,000 employees and represents about a quarter of group revenue.
