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Vera Yuan
Vera Yuan
Articles (1063) 

Tweedy Browne Comments on TNT Express NV

August 05, 2015 | About:

We also had a very nice return in TNT Express (XAMS:TNTE) in our two international Funds, Global Value and Global Value II, after Federal Express announced that it would be acquiring the company. Just after first quarter end, Federal Express announced that it would be acquiring TNT Express, the Dutch parcel company, in an all cash offer of eight euros/share, or a 37% and 39% premium over our cost in the shares. As you will recall, we purchased TNT a couple of years back, after its previously proposed merger with UPS fell apart when European regulators failed to approve the deal, feeling it would be anti-competitive. We believe there should be no competitive issues with Federal Express this time, as its footprint in Europe is much smaller than that of UPS. Federal Express was able to use a strong currency (the US dollar), and extremely low-cost debt to secure a deal that we believe is attractive for all parties to the transaction.

From Tweedy Browne (Trades, Portfolio)’s 2nd Quarter 2015 Commentary.


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