TPG: showing its muscle in Brussels?
Dutch postal and logistics group TPG [TPG.AS] has is considering selective acquisitions in the European postal market, according to the Dutch newspaper the Het Financieele Dagblad. The move forms part of a wider contest in the European postal market, with the bigger operators competing to secure stakes in postal companies, as Europe’s postal sector opens up to competition.
As well as the media reports that it is looking at a European acquisition, TPG has also reiterated that it will meet its operating margin targets set for 2004. The targets include a margin of around 21.5% at its mail unit, 10% at the Express division and some 4% at the logistics unit. TPG’s chief financial officer, Jan Haars, said that the company would use the surplus cash for investments rather than share buy-backs from the Dutch government.
