Bpost makes offer for takeover of Dutch national post

The Dutch government has expressed concern about the possible takeover of its postal service Post NL by Belgium’s Bpost. According to the Dutch authorities, a takeover would be a backwards step for PostNL.

Like Bpost, PostNL is partially state-owned, and formerly operated in Belgium under the name TNT Post. The Dutch government has made clear that it would like to bring the company to market.

Bpost has been making overtures, and this week finally came out with an offer of €2.5 billion for the takeover. The news was welcomed by Alexander De Croo, Belgium’s federal minister for post and telecoms.

Bpost is offering €5.65 a share but stressed that a concrete takeover offer would depend on the approval of the board of directors and the Dutch postal regulator. Bpost said it was “completely convinced of the added value of the merger of PostNL and Bpost”.

The takeover would reduce the share of the Belgian state in the merged company from 51% to 40%, while leaving shareholders in PostNL with 21%. The board of the new merged company would consist of three representatives of PostNL, three from the Belgian state, three independents and a CEO.

Photo courtesy 3weg.nl