22 March 2012 at 15:40 CET – The Hague, 22 March 2012 – Following recent publications on the news wires, PostNL provides a further update on the use of the expected proceeds from the sale of the stake in TNT Express.
PostNL has signed an irrevocable undertaking with UPS on 19 March 2012 to tender all TNT Express shares held by it under the offer of UPS subject to customary undertakings and conditions. If and when this offer will be declared unconditional, the cash proceeds of this sale are expected to be approximately €1.5 billion.
PostNL intends to use the expected proceeds, amongst others, as follows:
1. PostNL debt reduction according to its financial policy.
2. Restore cash dividend according to its dividend policy.
3. Investment in further portfolio extension.
4. De-risking pensions and / or distributing excess cash to shareholders according to its dividend policy.
PostNL processes 8.7 billion addressed postal items (including 106 million parcels) each year and delivers to addresses in the Benelux, Germany, the UK and Italy. PostNL’s main business is mail, parcels and e-commerce. The company also provides services in the area of data and document management, direct marketing and fulfilment. PostNL employs some 65.500 people. In 2011 the company generated a turnover of nearly 4.3 billion euros.