TNT 'will not give up' on Japanese talks
TNT, the Dutch post group, has insisted talks to forge a joint venture with Japan Post are very much alive, in spite of the Japanese saying they have abandoned the plan.
Rebutting media reports that talks had broken down, Peter Bakker, TNT chief executive, said: “I want to emphasise we are still in discussions with Japan Post. We are confident we are making progress (so) we are not going to give up.”
His assessment, late on Wednesday to a group of journalists, was very different to that of Japan Post which earlier in the day announced it had dropped the joint-venture idea and hinted it viewed any chance of a tie-up with TNT as remote.
Masahru Ikuta, Japan Post president, indicated that Japan Post and TNT thought differently about the speed with which the two companies wanted to expand in Asia and whether the focus of the venture should be on Japan or the wider region.
But Mr Bakker said “political constituents” in Japan had slowed progress. Japan Post remains hamstrung by political control ahead of a full privatisation in October 2007, Mr Bakker said.
“(Japan Post) have not been in a position to agree (to the joint venture) because of the constituents behind them, but I am committed to make it happen,” he said.
However, he conceded: “In terms of our ambitions we were more positive (in October when the plan was announced) than now that we can make it come true.”
For that reason TNT has broadened consideration of the type of co-operation the parties might enter into. “There are plenty of opportunities to explore together,” said Mr Bakker. “We are sure the partnership can lead to joint initiatives and that is what we are striving to achieve.”
He would not put a timeframe on discussions, and rejected media suggestions of a culture clash, describing the relationship as “a friendship”.
He said, however, that the timing of the publication by TNT of a press statement on Monday, in which it said it had failed so far to reach an agreement on a joint venture but continued to work towards that goal, had not pleased the Japanese.
Mr Bakker said that, as a listed company, TNT had been required to immediately respond to Japanese media speculation that the partnership plan was in doubt.
