Bloomberg News

TNT Express Investors Jana, AIMco Cut Stakes After Shares Rise

February 26, 2012

Feb. 24 (Bloomberg) -- Two of the largest investors in TNT Express NV, the Dutch express-delivery service in takeover talks with United Parcel Service Inc., reduced their stakes after the shares surged.

Jana Partners LLC and Alberta Investment Management Corp., or AIMco, lowered their holdings to less than a 5 percent regulatory threshold, according to Feb. 22 filings with Dutch financial markets regulator AFM.

Barry Rosenstein’s Jana Partners, which cut its stake to 4.49 percent from a 7.15 percent holding reported on May 31, said last month that TNT’s operating performance was “poor” and requested the delivery company name supervisory board members it proposed. The stake managed by AIMco was reduced to 4.59 percent from 7.52 percent, according to the filings.

“We choose not to react because we never comment on buy and sell activities of individual shareholders,” Ernst Moeksis, a spokesman for Hoofddorp, Netherlands-based TNT, said by telephone today. PostNL NV, the main Dutch postal service and owner of 29.9 percent of TNT shares, declined to comment, spokesman Werner van Bastelaar said today.

TNT Express, which was spun off from PostNL in May, is in talks with UPS after rejecting a 4.89 billion-euro ($6.5 billion) offer on Feb. 11 from the Atlanta-based company.

TNT declined as much as 1.9 percent to 9.32 euros and traded down 1.2 percent at 9:23 a.m. in Amsterdam. The stock has gained 48 percent since TNT’s announcement on Feb. 17 that it’s the talks with UPS and as analysts and investors said Memphis, Tennessee-based competitor FedEx Corp. may submit a counter-bid.

--Editors: Tom Lavell, Robert Valpuesta

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net


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