Tag: Europe

New head for UK Royal Mail pension fund

Posted by | Nov 26, 2004 | |

Royal Mail has appointed a new chairman of its pension fund, currently facing a Pounds 2.5bn deficit. Jane Newell, a non-executive director of United Utilities and chairman of three other pension schemes, will lead the fund’s trustees as they try to solve its financial problems. Royal Mail’s pension hole is the result of the fall in the stock market in the late 1990s and the 13-year contributions “holiday” enjoyed by the group on actuarial advice. Actuaries discovered the deficit in March last year and Royal Mail faces payments of as much as Pounds 800m a year to keep the fund going. Ms Newell replaces Roy Chapman, chairman for the past 10 years, who is retiring at the end of the year. Royal Mail said the change had been planned for some time and was not linked to concerns over the size of the deficit.

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TPG and unions agree new collective labour agreement

Posted by | Nov 26, 2004 | |

TPG, the largest private sector employer in the Netherlands, and the negotiators for the trade unions ABVAKABO FNV, BVPP, CNV Publieke Zaak and VPP have reached an agreement on a new collective labour agreement. This collective labour agreement has a term of one year (1 May 2004 through to 1 May 2005) and covers around 65,000 employees of TPG in the Netherlands.

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French parcel service on block

Posted by | Nov 25, 2004 | |

The French state railway company, Société Nationale des Chemins de Fer Français, said Wednesday, Nov. 24, it was inviting bids from logistics operators for wholly owned parcel delivery service Sernam SA. The Paris-based train operator said its 44%-owned logistics company, Géodis SA, intended to bid, and that accordingly, Géodis executive chairman Pierre Blayau was being suspended from the SNCF board. The auction is the latest step in the consolidation of European logistics businesses. The seller would not say which investment bank is organizing the auction. SNCF was emphatic that it aimed to find an industrial buyer rather than a private equity firm to acquire Sernam.

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Deutsche Post asks for extension on deadline

Posted by | Nov 24, 2004 | |

Deutsche Post, the German postal service operator, has asked the German cartel office for an extension on the deadline by which it must respond to a warning it has received from the competition authorities. The company had asked for an extension until mid-December; as is usual in cases such as this, the extension has been granted. The dispute relates to restrictions on competition on the market for services for the preparation of mail.

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Deutsche Post will sell its 24.8 pct stake in Transoflex

Posted by | Nov 24, 2004 | |

Deutsche Post World Net AG will sell its 24.8 pct stake in parcel delivery company Transoflex and possible interests could come from US financial investors such as Chase Manhattan and JP Morgan, according to a prerelease of tomorrow’s Die Welt, citing sources. It said Deutsche Post is selling its stake because it anticipates a German appeals court to confirm a lower court ruling that disallowed its 1997 acquisition and its plans to completely takeover the company. The German cartel office in 1997 had initially cleared the acquisition with conditions but then blocked the November 2001 complete takeover. In 2001 it also declared the 1997 partial acquisition as invalid.

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