UPS is due to formally submit its €9.50 per share cash offer for Dutch-owned parcels firm TNT Express tomorrow. The offer has been recommended to shareholders by TNT’s board, with majority shareholder PostNL, which holds nearly 30% of all shares, agreeing to sell its stake under the offer. If agreed, the transaction will create a global logistics firm that generates €45bn revenue per year, with UPS benefitting from an increased presence in Europe, while TNT’s customers will gain access to […]
UPS has become the official logistics and shipping sponsor for Ferrari.
UPS and TNT Express do not now expect their multi-billion euro merger, announced in March, to be completed until early 2013. The operators had originally hoped to seal a deal in the first half of the year, but involvement from the European Commission as regulator scuppered this timetable. Last month the European Commission temporarily suspended the takeover to allow regulators more time to gather information, a process that is ongoing. Despite this UPS and TNT had still expected to complete […]
Former TNT Express chairman and chief executive Marie-Christine Lombard has taken up the position of chief executive of Geodis. Having left the parcel firm last month, Lombard will take up the position vacated by former chief executive Jean-Louis Demeulenaere. She will oversee the firm’s transport and logistics division, Geodis Calberson. Jean-Louis Demeulenaere is leaving Geodis to “pursue new projects”, according to a company statement issued yesterday. The appointment comes as of a governance shake-up by the board of directors, which […]