TPG says 'exploratory' talks on 'cooperation' with Consignia ended

TPG NV confirmed it held “exploratory” talks with UK postal operator Consignia, but said the talks have ended with no result.

Talks were aimed at “giving TPG access to the UK domestic postal market and improving the operational efficiency of Royal Mail”, TPG said in a statement.

TPG, Consignia and Singapore Post already work together in a joint venture for international mail.

TPG noted that “any further cooperation between the companies would have been subject to the acceptance of a number of strict commercial conditions that would have ensured enhanced value for TPG shareholders”.

A spokesman was quoted as saying that talks broke down because the companies could not reach “common ground”. TPG remains interested in entering the UK domestic market, they added.

The Financial Times reported yesterday that TPG held talks to acquire Consignia.