Transport and distribution giant TNT has become the latest Australian company to fall into foreign hands after Dutch telecom group KPN launched a A$2 billion (about HK$12.24 billion) agreed takeover bid for the group.
Yesterday's bid, which values TNT at a 50 per cent premium to its current market capitalisation, will create one of the four largest distribution companies in the world, with operations in 47 countries.
KPN is offering $2.45 in cash for each ordinary share in TNT with an additional 6.2 cent dividend for each converting preference share.
KPN chairman and chief executive Wim Dik said: 'For KPN, this acquisition represents a significant step in our strategy to pursue growth and international expansion of our core businesses. We have had a long and productive association with TNT through our joint venture in GD Express Worldwide.' He said a key reason for the deal was to be able to reap the benefits of combining TNT's operations with those of KPN's postal and logistics subsidiary PTT Post and GD Express Worldwide, a joint venture distribution operation in which both TNT and KPN have interests.
He said the merger also would provide a strong platform for the group in the emerging Asian market.
TNT managing director and chief executive David Mortimer said: 'This proposal represents an outstanding opportunity to create a strong global transportation group.
