TNT Express announced today it has terminated discussions with potential bidders for its domestic operations in Brazil (TNT Mercurio). TNT Express has judged it not possible to realise a transaction on acceptable terms.
In March 2013, TNT Express announced the start of preparations for the sale of its domestic operations in Brazil. The company carried out a comprehensive process to secure the best outcome for shareholders, customers and employees. There was interest in the business but ultimately not at an acceptable price or conditions.
Following this decision, TNT Express will continue improving its domestic operations in Brazil, focusing on customer satisfaction, service quality, revenue management and cost control. As a result of the turnaround measures already taken, the unit has achieved first-rate service performance, generated new revenues and sharply reduced losses. In 4Q13, performance continued to improve in line with the 3Q13 year-to-date trend. Domestic Brazil will be managed as a separate business unit within TNT Express.
About TNT Express
TNT Express is one of the world’s largest express delivery companies. On a daily basis, TNT Express delivers close to one million consignments ranging from documents and parcels to palletised freight. The company operates road and air transportation networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. TNT Express made €7.3 billion in revenue in 2012.