PostNL to take over rival Sandd
PostNL is to acquire all outstanding shares of its rival Sandd for €130 million subject to transaction approval by the authorities and consultation with the works councils and trade unions.
PostNL currently controls approximately 70% of the Dutch postal market and Sandd holds the remainder – primarily business deliveries.
PostNL has offered to employ all Sandd mail deliverers. Also for all other Sandd employees, opportunities within PostNL or alternatives will be considered. The combination will enable PostNL and Sandd to create a strong basis for a nationwide Dutch postal network across urban and rural areas, safeguarding a sustainable postal service for everyone, including the elderly and socially vulnerable groups.
PostNL and Sandd will today inform their employees about the plan. At the same time, the announcement will be formally filed with the Netherlands Authority for Consumers & Markets (ACM), thus setting the approval process in motion.
Herna Verhagen, CEO PostNL said: “This proposed transaction will secure the foundation for a sustainable postal service in the Netherlands. Combining the two national postal networks is of vital importance for the postal market in the Netherlands to remain reliable, affordable, innovative and accessible for everyone. It will also serve increased long-term employment security for mail deliverers. This has always been an important objective of our efforts.”
Ronald van de Laar, managing director Sandd Holding: “I am very proud of what has been achieved by my colleagues following the liberalisation of the postal market. In responding to the ever-decreasing mail volumes in the Netherlands caused by digitalisation, we need to be realistic. For this reason, opting for one strong national postal network is the best long-term solution for the consumer, the business sector and for employees. It is the only solution if we are to guarantee the continuity of the postal service in the Netherlands. Issues affecting the integration of our networks and our employees will also be carefully discussed between us. The sooner we receive the necessary approval, the better it will be for all parties involved.”
The annual anticipated UCOI contribution of €50 – 60 million from synergies; full benefits expected as of third year following approval.
