The week that was: 25 June 2010
TNT stake up for grabs, restructuring in Norway, and Bacon in at Canada Post… A big hello to all our readers, and welcome to ‘the week that was’ – your weekly news round-up for everything mail and express.
According to rumours in the Dutch press, CVC Capital Partners, the private equity firm, has entered negotiations to acquire a ‘substantial stake’ in TNT Post. Het Financieele Dagblad cited unnamed sources when reporting CVC could be set to buy a EUR 1.5bn stake in the mail unit. The newspaper reported that: “The game is in motion and is picking up speed”, according to a source close to discussions. When approached by Post&Parcel, a TNT spokesman said the company refused to comment on market speculation. TNT announced earlier this year that it plans to separate its mail and express businesses. The move is expected to entice bidders for the express arm. We will keep a beady eye on developments.
Staying in Europe, and Norway Post has created a new divisional structure, which came into force this week. The entire letter area is now gathered in one division – the new Mail Division. Six regions throughout Norway are responsible for production and distribution, and chain operations are intended to ensure a uniform concept in all of the regions. The Mail Division will have overall responsibility for customers and production. “The combined mail division paves the way for greater cost efficiency and profitability in the mail segment. The merger is also intended to lead to greater customer focus and allow us to adapt quickly to changes in customer needs,” said Dag Mejdell, CEO of Norway Post.
Taking over the reins from Royal Mail-bound Moya Greene will be Stewart Bacon, who has been appointed interim president and chief executive officer of Canada Post. Bacon will take up the post on July 15, after the departure of outgoing Moya Greene, who recently accepted the chief executive role at Royal Mail. Marc Courtois, chairman of the Board of Canada Post, said: “My fellow Board members and I are delighted that Stewart has agreed to take on this role at this important time. There are very few people who know this company, its goals, people and customers as well as Stewart. That gives us great reassurance that the strategies and plans already set in place under the Board’s and Moya Greene’s leadership will continue uninterrupted.” Bacon said: “I’m very pleased to be able to make a new contribution to a company that means so much to me. I was excited when I had the chance to contribute to the strategy we now have in place, so I’m just as excited to be able to contribute to moving those plans forward.”
