A dispute between TNT Express and a key investor intensified on Monday when US-based Jana Partners rejected TNT's new board nominees and said it would propose its own candidates at the annual shareholder meeting in April, reported Reuters.
Jana called for an overhaul of the TNT Express supervisory board in December, including replacing the chair, to try to force the Amsterdam-listed logistics company to improve operational performance while at the same time explore an sale.
Jana, which together with Canada's Alberta Investment Management Corporation (AIMCO) has a combined stake in TNT Express of just over five percent, told Reuters earlier this year the current TNT management was destroying shareholder value and needed to be replaced.
"It is continued poor operating performance and deterioration of value that threatens TNT Express and all of its stakeholders, and we believe the current board is in no position to refuse the help of the highly-qualified individuals we have proposed in addressing these issues," Barry Rosenstein, managing partner at Jana Partners in New York said in a letter sent to TNT's chair Antony Burgmans on Monday, and seen by Reuters. |
