AMSTERDAM, Dec 8 (Reuters) - Two activist funds have built up stakes in Dutch mail company TNT in a bid to shake up its structure after a new strategy announced by the group last week failed to incorporate a broad overhaul, a Dutch newspaper said on Tuesday.
Jana Partners and Canadian asset manager Alberta Investment Management Corp (AIMCO) hold nearly 11 percent of Europe's second largest mail and express delivery company, after Deutsche Post, regulatory filings released on Tuesday showed.
Dutch daily Financieele Dagblad, citing unnamed sources, said the funds were not satisfied with TNT's plans, announced last Thursday, to focus more on express transportation while trying to keep performance at TNT's European postal division from getting worse.
It is likely that the funds would seek a breakup of TNT into separate postal and express companies, the newspaper said.
Calls to two TNT spokespeople were not immediately returned.
Like many competitors, TNT has been struggling to cope with falling consumer demand while coming to terms with the liberalisation of the mail market.
Before the full brunt of the credit crisis hit the mail and parcel transport sector, TNT had been the target of speculation that U.S. rivals United Parcel Service or FedEx would be interested in a buyout or a deal.
TNT's strategy plan, dubbed 'Vision 2015', is aimed at boosting profitability in its core businesses by growing its express parcel business and improving cash flow and margins for mail delivery in the Netherlands.
After falling from above 30 euros from the beginning of 2007 to just above 10 euros in March 2009, TNT shares have recovered to trade at just above 20 euros as it squeezed costs and kept delivering profits ahead of expectations.
(Reporting by Reed Stevenson; editing by John Stonestreet and Simon Jessop) Keywords: TNT/FUNDS (reed.stevenson@thomsonreuters.com; +31 20 504 5002; Reuters Messaging: reed.stevenson.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Jana Partners and Canadian asset manager Alberta Investment Management Corp (AIMCO) hold nearly 11 percent of Europe's second largest mail and express delivery company, after Deutsche Post, regulatory filings released on Tuesday showed.
Dutch daily Financieele Dagblad, citing unnamed sources, said the funds were not satisfied with TNT's plans, announced last Thursday, to focus more on express transportation while trying to keep performance at TNT's European postal division from getting worse.
It is likely that the funds would seek a breakup of TNT into separate postal and express companies, the newspaper said.
Calls to two TNT spokespeople were not immediately returned.
Like many competitors, TNT has been struggling to cope with falling consumer demand while coming to terms with the liberalisation of the mail market.
Before the full brunt of the credit crisis hit the mail and parcel transport sector, TNT had been the target of speculation that U.S. rivals United Parcel Service or FedEx would be interested in a buyout or a deal.
TNT's strategy plan, dubbed 'Vision 2015', is aimed at boosting profitability in its core businesses by growing its express parcel business and improving cash flow and margins for mail delivery in the Netherlands.
After falling from above 30 euros from the beginning of 2007 to just above 10 euros in March 2009, TNT shares have recovered to trade at just above 20 euros as it squeezed costs and kept delivering profits ahead of expectations.
(Reporting by Reed Stevenson; editing by John Stonestreet and Simon Jessop) Keywords: TNT/FUNDS (reed.stevenson@thomsonreuters.com; +31 20 504 5002; Reuters Messaging: reed.stevenson.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.