Monday, February 20, 2012

European Ministers to rescue Greece, investors of TNT want higher offer

For several months, Greece has been in the midst of debt struggle as euro zone’s economy has not been really pleasant. On Monday, finance ministers of euro zone were perched to taking the country back from the dangerous margin through approving a second huge bailout. However, the approval has strict limitations and exchange for stern measures on austerity.

Evangelos Venizelos, Finance Minister of Greece, is firmly confident that his government was able to meet the entire conditions for the release of second bailout.

In addition, Francois Baroin, Finance Minister of France, stated during a meeting held in Brussels that the whole conditions were placed for the bailout worth $172 billion or €130 billion. The New York Times noted the package as a view to determine private investors who will be taking sheer losses towards their holdings in the midst of debt crisis in Greece.

Venizoles stated, “The people of Greece deliver the message that necessary sacrifices have been made and will be made in order for our country to reclaim it equal position in the family of Europe.
Meanwhile, investors of TNT Express are up for a higher bid as the company’s shares went up to 50 percent on Monday.

On Friday, the delivery express confirmed its rejection of UPS’ offer which is €9 a share. With the biggest delivery company’s offer, TNT is valued at €4.9 billion or $6.45 billion. However, a source who wished to remain unidentified said that both companies are still under negotiations.

On Monday, shares of TNT increased from €6.3 on Friday to €9.8 at early hours of trading.

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