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TNT loss knocks shares following spurned takeover bid TNT loss knocks shares following spurned takeover bid
(40 minutes later)
Package delivery firm TNT Express has reported a fourth-quarter loss days after rejecting a takeover bid by rival UPS, sending its shares lower.Package delivery firm TNT Express has reported a fourth-quarter loss days after rejecting a takeover bid by rival UPS, sending its shares lower.
The Dutch firm made a loss of 173m euros ($229m; £145m), blaming the cost of fuel, the eurozone woes and higher costs at its Brazilian operations.The Dutch firm made a loss of 173m euros ($229m; £145m), blaming the cost of fuel, the eurozone woes and higher costs at its Brazilian operations.
Shares fell 2.3% to 9.9 euros after TNT rejected a hostile bid by UPS of 9 euros a share, valuing TNT at $6.43bn. Shares fell 2.3% to 9.9 euros. On Friday, TNT rejected a UPS bid of 9 euros a share, valuing TNT at $6.43bn.
Some investors think UPS will raise its offer or fellow rival FedEx will bid.Some investors think UPS will raise its offer or fellow rival FedEx will bid.
TNT, based in Amsterdam, said it took an impairment charge of 104m euros on its business in Brazil, where it has struggled to integrate acquisitions, and a 45m euro cost on its aircraft fleet.TNT, based in Amsterdam, said it took an impairment charge of 104m euros on its business in Brazil, where it has struggled to integrate acquisitions, and a 45m euro cost on its aircraft fleet.
Shares hit 10.24 euros on Monday on speculation that the UPS bid, which was rejected by TNT on Friday, would be raised. Shares hit 10.24 euros on Monday on speculation that the UPS bid would be raised.
Despite rejecting the offer, TNT said it remained "in discussions" with the firm over a possible bid.Despite rejecting the offer, TNT said it remained "in discussions" with the firm over a possible bid.
UPS is confident that a possible acquisition of TNT would give it the chance to expand its European operations.UPS is confident that a possible acquisition of TNT would give it the chance to expand its European operations.
But analysts feel that the impact of the eurozone crisis will make this difficult.But analysts feel that the impact of the eurozone crisis will make this difficult.
"We do not expect the UPS proposal to increase significantly and we doubt TNT could deliver the value implied by the UPS proposal for several years due to the depressed economic climate in the EMEA (Europe, Middle East and Africa) region that is key to profitability," said Citi analyst Roger Elliott."We do not expect the UPS proposal to increase significantly and we doubt TNT could deliver the value implied by the UPS proposal for several years due to the depressed economic climate in the EMEA (Europe, Middle East and Africa) region that is key to profitability," said Citi analyst Roger Elliott.