AMSTERDAM – Shares in TNT Express NV, one of Europe’s largest package delivery companies, have slumped to all-time lows after the company reported a 56 million euro ($71 million) loss for the third quarter.
The loss, which compares with profit of 6 million euros in the same period a year earlier, includes a 50 million euro provision for likely fines from a price-fixing investigation in France. Sales fell 2 per cent to 1.65 billion euros. Shares were down 7.4 per cent at 4.47 euros by mid-morning Monday in Amsterdam.
UPS tried to buy TNT for 9.50 euros per share in 2013, but the deal fell apart over objections from European Union regulators. TNT is cutting jobs and investing in automation at distribution hubs and its European road networks to improve its results.
