Global logistics pattern or change: the UPS to buy TNT

February 21st afternoon, Deutsche Post ("DHL" ) is the United States headquarters of United Parcel Service ("UPS" ) to buy the Holland TNT Express NV ("TNT" ) of a thing, to respond to our newspaper reporter says, the company" will naturally on industry trends to continuous and close attention, especially the actual the important measure of action".
Actually, DHL on both sides of the merger and acquisition trend quite nervous. Prior to February 18th, TNT announced UPS TNT refused to board of directors to 9 euro per share offer, the high $6430000000 merger that surfaced. Although rejected, people close to UPS pointed out to reporters, TNT just rejected 9 euro per share bid, not completely reject the acquisition, the two sides still in negotiations.
This merger and acquisition becomes eye-catching, is not only the M & a large amount, is expected to exceed the 2005 DHL37 billion pounds to buy British logistics group Exel, become global logistics industry with the highest turnover in the transaction. More importantly, the results will have a great impact on the global express delivery pattern.
As of press time, has not yet received the parties UPS and TNT on the matter in detail, but in 2008 was involved in the bidding for TNT another express tycoon FedEx this unexpected silence. " So far, we have not any statement, also have nothing to say." FedEx China Corporate Communications Department the personage expresses to the reporter.
Premeditate long already acquired
European business is TNT's biggest attraction
As early as 2008, UPS had called the price of 10000000000 euros to buy the TNT, but the talks failed to achieve results. The UPS now stage a comeback, in the industry view, is not only the long premeditated, is also the successful.
The 2008 takeover had not discussed, it is said that both sides of the TNT postal business differences: because the UPS value is TNT parcel delivery service, the postal service had no interest in.
TNT also aware of this, so in 2010 announced the split its mail and express delivery business, two separate battalion business. In 2011 June, TNT express began independently in Amsterdam listed on the Euronext New York, UPS ready to buy, it is to be after the splitting of TNT express company.
China International Freight Forwarders Association International Express committee that the Secretary-General Liu Jianxin, the TNT management to do business split, in fact is the TNT express delivery business value maximization, the bidding can obtain better earnings.
The move was successful, the UPS again bid.
" The European business, TNT is the biggest attraction." China Express Advisory Network chief adviser Xu Yong UPS believes, in the European market operating on the short board, is reluctant to give up the old TNT is the most important reason.
" The express market has a circle, the local operating companies is very strong." Therefore, the headquarters in Germany DHL to enter the American market for many years, do not go down, he had to give up the United States domestic market; the same, UPS and FedEx two American companies while others, global network is densely covered, but in the European market, but has been unable to shake the DHL and TNT market share.
" The acquisition to take market share is an unspoken rule." Xu Yong, as Europe second major express delivery companies TNT became the best target. TNT express not only in Europe occupies a certain market share, but also in various emerging markets have good development, including in China, India and Brazil. According to last year's results announcement, in TNT express turnover, nearly three were from Asia and Latin america.
Ultra billion bid battle
TNT reasonable price should be more than 15 euro per share, buy capital to be in excess of $10700000000
In an industry veteran who appears to be imperative, acquisition of UPS TNT, once the obstacle, such as a postal services, was almost clear, now the last question is, TNT pricing geometric?
UPS is the price is 9 euros per share, is the sum of the purchase amount to will amount to 6430000000 dollar. " More than 4 years ago, a lot cheaper." Insiders pointed out, UPS's move is fishing in troubled waters: one in the European debt crisis TNT, poor performance, stock prices are low; two at a time of economic downturn, billions of dollars of capital expenditure is not which enterprise can do, UPS 's own financial financing channels that play a role in.
In February 21st, TNT released 2011 Annual Report, 2011 Annual Revenue of 7246000000 euros, 105000000 euros for - profit, net profit of 270000000 euro. While over the same period in 2010, TNT revenue for the euro 7251000000, net profit of 66000000 euro. But Xu Yong thinks, this temporary deficit and not detrimental to TNT pricing," at least loss three years it is possible to damage its management to the market confidence". It is reported, at present the parent company Post NL remains TNT express 29.9% stake, spokesman for the unwilling to buy incident to comment.
The industry is already in succession on the TNT price to forecast, New York investment fund White Eagle Partners LLC chairman James LAST-BLUEBIRD think, TNT reasonable price should be more than 15 euro per share, so, UPS buys capital to be in excess of $10700000000.
" If FedEx to join the war of words, probably higher prices." Xu Yong thinks, for example FedEx, also need to expand the European market. But, if UPS successful acquisition of TNT, will FedEx far behind, and the press is currently ranked first in the DHL.
It is understood, DHL 2010 total operating income of $71100000000, while UPS and FedEx only in 49500000000 and 34700000000. TNT 2010 revenues of only $5690000000, but its market share expansion, is the UPS value more.
However, in 2008 on the TNT FedEx in the bid, not publicly admitted to join the bid team, there is no record bid. But in February 20th, TNT China 's top confirms to the reporter, the rumors are true, what FedEx did with UPS to bid for TNT, the bid is unknown.
This time, FedEx still in silence all inquiries, has not been clear whether to join the war. It is the German postal expressed strong concern," said the industry trend to continue and close attention, especially the important measure of actual action". Actually, DHL think this acquisition to true.