Posten Norden Announces its Structure/media/documents/public/market... · Royal Mail on favourable terms. It is understood that only investment group CVC made a firm bid and that

Market Flash Issue 394 | 28 July 2009

EUROPE

Posten Norden Announces its Structure Royal Mail Continues Investing in Delivery TNT Post Plans to Halve its Workforce First Half Profits Fall at Itella Group La Poste Revises Strategy as Mail Falls

Further PostFinance Profits Help Offset Mail

Decline Review of Payments by the Belgian State Deutsche Post DHL Sells Bank Shares Correos Ties with KPG PIN Mail Offers a Hybrid Service Parcelforce Develops New Export Services Second Sorting Hub to be Built in Hungary GeoPost Buys More SEUR Franchisees DHL Expands its Coldchain Network Chronopost Gains OEA Customs Status Geodis Launches Parcel Pick-up Network Distance Selling Growing Nordic-wide UPS Venture to Lead Middle East Growth

AMERICAS

Canada Post Calls for Five-Year Price Plan FedEx and UPS Continue PR Battle Expanded UPS Air Hub Now in Operation

ASIA-PACIFIC

DHL Opens Another Domestic Hub in China

Rival Mail Service to Launch in New Zealand

DHL Consultancy Attracts Multinationals GeoPost Forms Air Express Venture in India Postal Services Group Chooses Google

Apps DHL Invests in Packaging Services DHL Shows its Automotive Sector

Leadership

In this issue

www.ipc.be To access breaking news on the postal industry, visit our website www.ipc.be and subscribe to the RSS feeds. News archives and reports can also be accessed from our on-line media centre. IPC Market Flash readers who have not yet requested a password, can do so by contacting:

[email protected]

Posten Norden Announces its Structure

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The merger between Post Danmark and Posten of Sweden has

been completed to create Posten Norden AB (publ), a Swedish

public limited company owned 40 percent by the Danish state

and 60 percent by the Swedish state. Votes are distributed equally

between the two states.

The new Posten Norden parent company has 50,000 employees

and revenue of SEK 45 billion. Fritz H. Schur will be chairman of

the supervisory board until the close of the 2010 annual general

meeting. Lars G. Nordström is group chief executive.

“Large companies in small countries want a bigger, real home

market while being simultaneously required to be capable of

achieving scale economies. The merger was motivated by these

two factors,” said Fritz Schur. “The new joint group will give us

better opportunities to develop our communications and logistics

activities and simultaneously retain a world-class postal service,”

he added.

The merged company will have four business areas: a mail business

in each country, Messaging Sweden and Mail Denmark, an overall

logistics business and information logistics covering all the activ-

ities undertaken by Strålfors.

The new group’s executives will include: Knud B. Pedersen,

deputy chief executive and head of production development;

Göran Sällqvist, deputy chief executive and head of business

development; Andreas Falkenmark, head of Messaging Sweden;

Finn Hansen, head of Mail Denmark; Henrik Höjsgaard, head of

Logistics; and Per Samuelson, head of Information Logistics.

THE NATURAL PARTNER FOR THE POSTAL INDUSTRY

15 Years of Service Improvement1989 - 2004

Issue 394 | 28 July 2009 print next


Europe

Royal Mail Continues Investing in Delivery

Royal Mail has announced it will spend GBP 120 million on mail

delivery equipment including handheld tracking devices, 11,500

new vehicles and some 30,000 trolleys, of which 2,400 will be

electric-powered, to relieve the weight burden on postmen and

women carrying increasingly more packages with the mail.

This latest phase of capital investment comes within Royal Mail’s

modernisation programme and is in addition to GBP 800 million

already spent. The entire programme totals investment of GBP 2.1

billion.

The company is focusing on winning packet and parcel business

to compensate for a ten percent annual drop in letter volumes

and is increasing its tracking capability.

The latest investment announcement on July 22 came a few

weeks after the UK Government shelved plans to implement

Hooper report recommendations, including the sale of up to 30

percent of Royal Mail to a private stakeholder.

It also followed three days of strikes in London and a “day of

action” across the country on July 17.

At the beginning of July, UK Business Secretary Lord Mandelson

announced in the House of Lords that the state of the economy

had made it “impossible” to complete a deal to sell a stake in

Royal Mail on favourable terms.

It is understood that only investment group CVC made a firm bid

and that the amount offered was well below the government’s

expectation.

Following the announcement, the Communication Workers

Union (CWU) offered Royal Mail a three-month moratorium on

industrial action in return for negotiations on a “modernisation

agreement”. Royal Mail rejected the proposal dismissing it as

“misleading nonsense” aimed at halting the crucial modernisation

process.

On July 8, 9 and 10, postal workers in London took strike action.

Business Secretary Lord Mandelson criticised the action saying that

the union’s negative attitude to change was partly to blame for

Royal Mail’s difficulties. “I just wish this ‘head in the sand’ attitude

by the Communication Workers Union would end,” he said.

Further action on July 17 called out workers across the UK for a

day of action; a new wave of strikes was expected to begin in

London on July 25 for three days.

TNT Post Plans to Halve its Workforce

TNT Post in the Netherlands plans to cut 11,000 jobs in the next

three years, reducing its current 23,000 strong full-time delivery

and sorting workforce by almost half.

The move is designed to save EUR 125 million a year as part of an

overall annual savings plan of EUR 395 million up to 2015.

It follows rejection in April by union members of a collective

labour agreement that would have cut pay by 15 percent in return

for a three-year guarantee on job security.

An employee survey conducted in June by TNT Post and its opera-

tions works council found that 74 percent of the 7,683 workers

who responded would choose to forfeit working conditions

in return for a job guarantee and/or a package of transitional

measures.

EuropeAmericasAsia-Pacific

THE NATURAL PARTNER FOR THE POSTAL INDUSTRY PAGE 2 - Issue 394


PAGE 3 - Issue 394THE NATURAL PARTNER FOR THE POSTAL INDUSTRY


First Half Profits Fall at Itella Group

Itella Group saw its earnings before interest and tax (EBIT) fall by

36.9 percent year-on-year to EUR 27.7 million in the first half of

2009. Mail and logistics suffered while earnings improved at Itella

Information.

Net sales were down 0.8 percent in the half year at EUR 916.2

million; however, excluding the impact of acquisitions, net sales

fell by 9.4 percent.

Mail volumes fell by 9 percent for first class letters, 16 percent

for addressed direct mail and 10 percent for parcels. Itella pres-

ident and chief executive officer Jukka Alho said the mail business

succeeded in compensating for the decline in volumes through

measures to improve productivity.

La Poste Revises Strategy as Mail Falls Further

Groupe La Poste expects mail volumes to be 30 percent lower by

2015 and has therefore started work on a new strategic plan to

meet the forecast market conditions.

Chief Executive Officer Jean-Paul Bailly has already warned that La

Poste will not meet its annual objectives. It expects a revenue loss

of three percent in 2009 following a 6.3 percent decline in mail

volume since the beginning of the year and a five percent drop

express parcel volume.

“If the pessimistic estimate for the development of the mail

business between 2009 and 2015 turns out to be right, we will

implement a plan to cut annual expenses by 1.5 percent. This

would equal savings of EUR 1 billion in seven years,” a spokes-

woman said.

In a revised strategic plan, the new focus is expected to be on

increasing revenue from an expanded product range and possible

diversification in Europe, for example the introduction of unad-

dressed direct mail services. Plans for innovation could see part-

nerships with internet companies.

The company sees growth potential in e-commerce parcel

delivery; it plans to expand its offer and is considering business-

to-consumer express services beyond French borders.

PostFinance Profits Help Offset Mail Decline

Swiss Post, like La Poste, France, is preparing for mail market

decline of up to 30 percent by 2015. It is reducing costs,

extending and diversifying its product and service range and

seeking targeted acquisitions.

The company has no plans, however, for large-scale job losses as

it strives to find “a delicate balance” between public service obli-

gations and the need for commercial flexibility and profitability.

Following political protests, it was forced to keep six regional

sorting centres operational after investing CHF 1.4 billion in three

new centres designed initially to replace 18 centres.

PostFinance is the principle profit generator in the short term.

Benefitting from a boom in consumer deposits, the banking

business expects to increase its operating profit this year to CHF

350 compared with CHF 229 million last year.

This contrasts with the letters business, which forecasts a slump in

operating profit to CHF 94 million compared with CHF 249 million

in 2008. This will result from a five percent fall in volume coupled

with lower prices, the imposition of VAT from July and a reduction

in the monopoly to letters up to 50 grams.

To help reduce operating costs, Swiss Post has been testing a new

delivery model that begins early in the morning with newspaper

delivery, then moves to business mail before a final round deliv-

ering mail to individuals.

New products include online franking and an electronic Swiss Post

Box for business customers.

Swiss Post supports a draft postal law that proposes restructuring

it into a limited company.





Review of Payments by the Belgian State

The European Commission is investigating payments by the

Belgian Government to De Post/La Poste to establish whether they

were in line with rules on state aid.

In 2003, the Commission authorised the payments, but the

European Court of First Instance in Luxembourg overturned that

decision in February this year following an appeal by Deutsche

Post and its subsidiary DHL International.

The court said the Commission had not properly investigated how

annual capital payments made to compensate De Post/La Poste

for its public service obligations would impact on the parcels

market.

Deutsche Post and DHL launched the appeal after their request to

be consulted on the matter was rejected by the Commission.

Deutsche Post DHL Sells Bank Shares

Deutsche Post DHL has sold remaining shares in Deutsche Bank

that it received originally as part of the transaction to sell its stake

in Deutsche Postbank. The total cash inflow from the sale of 50

million shares stands at about EUR 5 billion.

Correos Ties with KPG

Spain’s Correos had launched International Postal Express, a parcel

service offering guaranteed day-specific delivery in countries in

the Kahala Posts Group (KPG) network: the United States, China,

Japan, Australia, Hong Kong and South Korea and the UK.

KPG announced after its executive committee meeting on July

8 that its combined volume grew by more than eleven percent

in 2008 to exceed USD 1.5 billion in revenue. It is forecasting

revenue growth of nine percent in 2009.

PIN Mail Offers a Hybrid Service

German private mail delivery company PIN Mail has launched an

online hybrid mail service for private and business customers with

small volumes.

The company uses software developed by Pawisda Systems that

prints letters close to the recipient for delivery by PIN Mail or

Deutsche Post. Customers can upload letters in the usual format,

including logo and attachments and choose single or full colour

printing.

PIN Mail is offering customers sending larger volumes additional

services including address lists.

Parcelforce Develops New Export Services

Royal Mail subsidiary Parcelforce Worldwide has segmented its

international offer to provide a new range of express, deferred

and pallet-load services.

The move responds to an eleven percent increase in export

deliveries in the past year. The company says the weak pound

has encouraged UK businesses to seek opportunities in export

markets.

The new range of six services comprises: Global Express, a fully

trackable service offering delivery next day in Europe and North

America and in two-days to the rest of the world; Global Priority,

a three-day service to destinations outside Europe; Global Value,

also to destinations outside Europe offering tracking and delivery

in five to ten days; Global Bulk Direct for pallet-loads of individual

parcels for different addresses in one area.





Second Sorting Hub to be Built in Hungary

Magyar Posta of Hungary will invest HUF 6 billion to build a

second mail centre in Gödöllö, near Budapest, to serve the eastern

part of the country.

A public offer to tender will be issued this autumn for the

construction project which is expected to be complete in 2011.

The new centre forms part of Magyar Posta’s preparations for full

postal market opening in Hungary in 2013.

GeoPost Buys More SEUR Franchisees

GeoPost has increased its holding in Spanish parcels operator

SEUR to almost 27 percent with the acquisition of four additional

franchisees located in Barcelona, Galicia and Segovia.

The La Poste holding company now has 17 SEUR franchises.

It signed a strategic partnership with the company in 2004 and

reached a shareholders’ agreement in 2008 with several fran-

chisees allowing it to control the majority of SEUR capital.

DHL Expands its Coldchain Network

DHL has expanded its Coldchain road freight transport service to

Malta, Turkey and Russia, bringing the total number of European

countries in the network to more than 30.

The company operates about 500 temperature-controlled vehicles

and a series of hubs, including new two opened this year in

London and Milan. Further hubs are planned next year in eastern

Europe and Scandinavia.

Chronopost Gains OEA Customs Status

The French customs and excise authority has certified Chronopost

as an approved economic operator (OEA) for its customs proce-

dures and its management of safety and security.

The company said the European Union’s OEA status was intro-

duced in January 2008 to strengthen the security of international

logistics and the level of protection offered by customs inspec-

tions to goods entering or leaving the EU.

As a customs broker, Chronopost works with French customs.

It received dual OEA status following a series of audits by the

customs authority.





Geodis Launches Parcel Pick-up Network

France’s Geodis Calberson is stepping up its competition with

Coliposte in the French business-to-consumer parcels market.

Its express network, France Express, has launched Top Relais, a

delivery service for the e-commerce sector to run alongside its

existing home delivery service. Top Relais is a partnership with

Altiadis Distribution France to using à2pas tobacconists as a

collection network.

Through Top Relais, online shoppers can specify one of 3,100

à2pas outlets where their order will be delivered for collection.

Geodis Calberson has also opened a France Express hub in Lyon

Corbas. The hub offers next day delivery before midday to 36,000

cities in France.

Distance Selling Growing Nordic-wide

Distance selling in the Nordic region totalled more than SEK 70

billion in 2009 according to the results of research by Posten.

Previous surveys have charted growth in Swedish distance

selling and the latest study shows a similar trend in the Nordic

region as a whole. The company said it saw a clear trend that

more companies want to expand to reach all 25 million Nordic

consumers.

UPS Venture to Lead Middle East Growth

UPS has taken a majority stake in a new joint venture based in

Dubai that will coordinate growth in its services across the Middle

East.

Its partner with a minority stake in the venture is a Halek Undegar

who is chief executive of UPS’s Turkish service agent, Unsped

Paket Servisi San ve Ticaret. UPS has acquired Unsped which

becomes the basis of the new joint venture.

“This joint venture will spearhead growth among our other service

agents and operations in these countries,” said Dan Brutto, pres-

ident of UPS International.


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Issue 394 | 28 July 2009EuropeAmericasAsia-Pacific

Itella Outsources to Tieto Itella has concluded two new IT infrastructure service agree-ments with Tieto so that it can concentrate on its billing and financial administration processes while outsourcing its data centre and managed services.

La Poste Upgrades in BrittanyLa Poste is to invest EUR 81 million in Brittany over the next three years. More than half will be spent on a new mail sorting centre south of Rennes with capacity to sort more than 2.7 million items a day.

Pos t Off i ce Network in Portugal GrowsA t t h e e n d o f 2 0 0 8 , CTT-Correios had 2,873 post off ices and agencies , 20 more than the previous year, according to Portuguese regulator ANACOM. Agents and franchisees handle only two percent of mail.

DHL Cuts Jobs in France DHL plans to cut a total of 285 jobs in France and transfer 150 workers to different loca-tions in response to falling shipping volumes. Most of the job losses, 225 and 140 transfers, will take place in the express division.

Revenue Growth and Profit Decline in EstoniaDPD Estonia recorded 24 percent revenue growth to EEK 121.2 million in 2008 but net profits dropped 13 percent to EEK 4.7 million. DHL Estonia generated 17 percent revenue growth to EEK 563 million in 2008, but net profits fell dramatically by 38.5 percent year-on-year to EEK 16 million.

Poste Italiane Fights Cyber CrimePoste Italiane and the United States Secret Service are to establish a European Elec-tronic Crime Task Force to identify and disseminate new techniques and methodol-ogies for fighting cyber crime. This is the first task force of its kind outside the US.

DHL Goes into GrosnyDHL Express has opened an office in Grosny, the capital of the Chechen Republic. According to media reports, industrial production in the Chechen Republic has grown considerably over the last few years with mining operations accounting for more than 60 percent of commercial sales volumes.

Russian Post Helps Fellow OperatorsRussian Post has signed a Memorandum of Under-standing with the Universal Postal Union (UPU) for the construction of a regional technology centre to support postal operators in eastern Europe and northern Asia. R u s s i a n P o s t h o p e s t o develop international postal and financial services in the regions profiting from the global financial system of UPU.

>>In Brief - Europe




Americas

Canada Post Calls for Five-Year Price Plan

Canada Post has applied for an amendment to Canada’s postal

act allowing annual increases in the tariff for a basic domestic

letter up to 30 grams.

It says it needs the additional revenue and the certainty of a

five-year pricing strategy to face the challenges of declining mail

volume, a rising number of delivery points and the need to replace

outdated equipment.

In January 2010, the standard letter rate is planned to increase

three cents to CAD 0.57, while between 2011 and 2014, the rate

will rise annually by two cents.

Canada Post president and chief executive Moya Greene said

a longer-term solution was needed to ensure that Canada Post

could continue meeting its universal service obligations.

Approximately 200,000 new addresses are added to the postal

delivery network each year adding an estimated CAD 26 million

in cost in 2008 alone. The number of mail items per address is

dropping - transactional mail declined by 87 million items in 2008.

Also, Canada Post’s equipment and infrastructure are in urgent

need of investment.

The company has been striving to reduce costs. It cut planned

spending by CAD 240 million in 2008 through increased produc-

tivity, natural wastage in the workforce and standardisation of

operating procedures. Further cost savings of CAD 250 million are

planned for 2009.

“Our 2010 pricing strategy is intended to better align our

revenues with the rising costs of maintaining our universal service

obligation,” said Ms. Greene. “At the same time, we are looking

at ways of reducing the costs of our postal operation in the long

term while bringing improvements to customers.”

FedEx and UPS Continue PR Battle

The acrimony between FedEx and UPS over a proposed law that

could make it easier to unionise FedEx has escalated with FedEx

claiming that UPS paid for the support of the American Conser-

vative Union (ACU).

An aviation bill approved in May by the US House of Representa-

tives is expected to gain a resolution in the Senate during July.

One section of the bill would remove FedEx employees from juris-

diction under the US Railway Labour Act and put them, like UPS

staff, under the National Labour Relations Act.

FedEx mounted a multi-million dollar PR campaign in June

attacking UPS for trying to gain a competitive advantage by

supporting the amendment.

Washington newspaper Politico reported that the ACU asked

FedEx for USD 2 million to USD 3 million for its support. The

paper said ACU switched sides to UPS after FedEx rejected the

request for payment. UPS denied it had paid for support and the

ACU executive vice president also denied the allegations and said

it had not taken money from UPS.





Expanded UPS Air Hub Now in Operation

UPS has started operating the first phase of the USD 1.1 billion

expansion of its Worldport air hub at Louisville International

Airport, Kentucky, expecting to increase throughput to 350,000

packages an hour.

A spokesman, Mike Mangeot, commented: “While the economy

may be slow right now, we are planning for many years down

the road. We are building in capacity ... for when the economy

rebounds.”

The second phase of the expansion is scheduled to open in May

or June 2010. This involves another new wing and is expected to

increase capacity to 416,000 packages an hour.


FedEx Delivers Early Next Day in Mexico F e d E x h a s l a u n c h e d a d o m e s t i c b e f o r e 0 8 . 3 0 hours next day service for specific zip codes in six states of Mexico. The service is operated by FedEx Express Nacional , the company’s domestic overnight unit in Mexico.

UPS Builds its Network in MexicoUPS Mexico has launched six new customer centres during the first quarter of 2009. Since the implementation of its expansion plan in 2006, UPS Mexico has extended its operational network in more than 300 locations thus growing by over 100 percent.

N e w H u b f o r F e d E x i n ChicagoFedEx Ground has opened a USD 125 million distribution hub in Chicago. At 131,064sq metres, the new facility is almost double the size of the hub it replaces and capable of processing 30,000 packages an hour.

>>In Brief - Americas




Asia-Pacific

DHL Opens Another Domestic Hub in China

DHL has opened its new eastern China domestic transportation

hub in Shanghai as part of a USD 25 million investment in

domestic road operations in the country.

It said that total revenue from the domestic road transport

industry in China rose by 66 percent between 1998 and 2007 to

USD 25 billion. Revenue is expected to reach USD 36 billion by

2013.

The new hub is located at the Kangqiao Industrial Park in the

Pudong area and is owned and operated in mainland China by

DHL Supply Chain. DHL’s domestic network comprises another 15

sub-regional hubs and covers more than 400 cities in China.

Rival Mail Service to Launch in New Zealand

New Zealand’s Croxley Stationery has negotiated an access deal

with New Zealand Post that allows its own mail to be delivered

through the postal system.

The company is launching a postal service that includes offering

stamps and pre-paid envelopes for sale in at a range of retail

outlets.

DHL Consultancy Attracts Multinationals

DHL’s Supply Chain Centre of Excellence (SCCE) in Singapore is

supporting local and foreign investors in the country by providing

supply chain infrastructure and market intelligence.

The SCCE has the support of Singapore’s economic development

board. It aims to enhance Singapore’s position as a logistics hub.

DHL claims its consultancy services have attracted multinationals

to set up their regional supply chain hubs in Singapore.

From July 13 to 15, DHL teamed up with Accenture to stage

the first Supply Chain Professional Series, an education and

knowledge-sharing programme for 30 industry practitioners. It

covered designs for effective and efficient global supply chain

management and strategic planning.

GeoPost Forms Air Express Venture in India

Groupe La Poste’s GeoPost subsidiary is setting up a joint venture

in India with Continental Air Express to offer outbound and

inbound express parcels services.

DPD Continental will be owned 60 percent by GeoPost Intercon-

tinental, the international expansion vehicle of GeoPost, and 40

percent by the Vohra family, owners of the Continental Carriers

Group, of which Continental Air Express was a member.

Initially, the joint venture, headquartered in Delhi, will offer

services in New Delhi and Mumbai. A second phase will roll

out operations across several major cities including Bangalore,

Chennai and Kolkatta by the end of 2009.

GeoPost said DPD Continental would offer value-for-money

services for worldwide and domestic distribution to help

customers optimise their supply chain.





Postal Services Group Chooses Google Apps

New Zealand Post subsidiary Postal Services Group is to transfer

its email communication to internet-based Google Apps under a

three-year agreement with Fronde, a Google enterprise partner in

New Zealand.

Google Apps will be rolled out to 2,100 employees. Chief exec-

utive Peter Fenton said it would supply productivity tools that

would make it easier to work more creatively, collaboratively and

flexibly.

“With Google Apps there will be a dramatic increase in mail box

capacity from 50Mb to 25Gb, boosting productivity by freeing

employees from having to constantly manage email back-ups,”

he said.

He added that Google Apps would simplify document sharing in

a secure environment internally or to people working remotely:

“Moving to web-based tools means people can work securely

from anywhere at any time using any web-based device,” he said.

DHL Invests in Packaging Services

DHL has moved into the packaging market in Asia-Pacific with

the launch of an MYR 2 million packaging centre in Shah Alam,

Malaysia.

The company has plans to establish six more centres in the region

by 2012. Packaging services currently account for 25 percent

of the contract logistics market in Asia-Pacific and DHL expects

demand to rise.

“We expect business to grow by 15 percent year-on-year over the

next three years,” said Paul H. Graham, chief executive officer of

DHL Supply Chain Asia-Pacific.

D H L S h o w s i t s A u t o m o t i v e S e c t o r Leadership

DHL is building its reputation and a leader in the automotive

sector, unveiling a plan to support India’s industry at its Auto-

motive India Conference.

It has identified key logistics factors in three core areas: inbound

manufacturing supplies; the aftermarket and the interna-

tional supply chain. These, it says, will determine the success of

companies in India.

“With the changing automotive landscape in India, there is a need

for closer collaboration between the original equipment manufac-

turers (OEMs) and logistics service providers,” said Kalpesh Pathak,

assistant vice president corporate supply chain management, Fiat

India. “DHL has come in at the right time to provide an interactive

platform where all the companies come together to have an open

exchange of our challenges and solutions.”

Recognizing that opportunities and challenges are resulting in

longer, more complex supply chains requiring more control, DHL

emphasised the need to maximize economies of scale, re-en-

gineer manufacturing productivity and boost logistics efficiency

for growth as the automotive market recovers.

Within India, DHL has dedicated automotive teams providing stra-

tegic consulting for international and local customers.


Issue 394 | 28 July 2009



ABOUT THIS PUBLICATION

IPC Market Flash is a bi-weekly newsletter providing a comprehensive look at new developments emerging in the international postal marketplace. It is published by the Markets and Communication Department of the International Post Corporation.

IPC Market Flash is sent out exclusively to IPC member posts. If you would like to contribute an article or photograph to this publication please contact us via email at [email protected] or send your submissions to : IPC Head of CommunicationAvenue du Bourget, 441130, Brussels Belgium

While every care has been taken to ensure the accuracy of this report, the facts and estimates stated are based on information and sources which, while we believe them to be reliable, are not guaranteed. No liability can be accepted by International Post Corporation, its directors or employees, for any loss occasioned to any person or entity acting or failing act as a result of anything contained in or omitted from this report.

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Posten Norden Announces its Structure/media/documents/public/market... · Royal Mail on favourable terms. It is understood that only investment group CVC made a firm bid and that