Dutch TPG moves on Post Danmark
TPG, the Dutch mail and logistics company, will this morning move to secure a stake in the Danish postal service, in an attempt to kick-start pan-European postal consolidation and thwart the ambitions of at least three rivals.
Jan Haars, TPG chief financial officer, will travel to Copenhagen to meet Post Danmark and government officials in what people close to events said was “a significant” development that could accelerate the sale process of the Danish state’s 25 per cent stake.
The contest has attracted the interest of European operators, said to include La Poste of France, the Royal Mail of the UK, and Germany’s Deutsche Post, which has been regarded by analysts as favourite.
Nordic media reported earlier this month that Deutsche Post had bid “less than Euros 100m (Dollars 122m)” for the stake. Yesterday people close to TPG suggested a value of between Euros 100m and Euros 200m.
Post Danmark saw net turnover of Euros 1.43bn and net profit of Euros 40m in 2003. But the relatively low price belies the significance of the deal. With most European postal markets only opened to foreign predators from 2007 and many domestic markets sluggish, Post Danmark offers a first chance for cross-border growth.
“Everyone wants to be at the ball, and this is the first dance. No one wants to miss that,” said a person familiar with the matter, adding that an announcement from the Danish government could come quickly.
TPG’s acquisition policy is built on controlling stakes. However, the company is said to view the Danish purchase as sufficiently critical to move without a guarantee that it would later lead to a majority position, the person said. TPG declined to comment yesterday.
