Japan Post to scrap plan to form joint venture with TNT
published: cw 27, 2006 in Mergers & acquisitionsJapan Post is set to scrap its plan to form a joint venture with Dutch mail and logistics giant TNT NV to offer transport services in Asia.
The two companies last October agreed on the joint venture plan and have since been working to fix details of the plan. But they could not bridge the gap between their opinions about the envisaged company’’s business strategy, informed sources said.
Still, the two sides are exploring a possibility of establishing some form of partnership, the sources said.
The October agreement called on Japan Post to buy into TNT’’s Japanese subsidiary in April this year to make it their joint venture.
Just before the planned establishment of the joint venture, TNT proposed expanding the scope of their alliance. But Japan Post was reluctant to accept the proposal, the sources said.
Japan Post hoped that the alliance with TNT would shore up its earnings in the lead-up to the start of its privatization process in October 2007. The cancellation of the joint venture plan will force Japan Post to review its business expansion strategy abroad, according to the sources.
Source: Jiji Press
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