TNT’s purchase of Hoau takes another step forward

TNT’s purchase of Hoau takes another step forward    Netherlands-based postal and express group TNT N.V. last week signed an equity transfer agreement for the road transport and freight business of China’s Hoau Group.
   Shanghai-based Hoau has more than 1,100 depots and 56 hubs nationwide in China.
   “The acquisition of Hoau offers TNT comprehensive road coverage in China and is in line with TNT’s strategic focus on integrated domestic and international networks,” TNT said in a statement.
   The signing of the agreement (comparable with a sale and purchase agreement) follows the letter of intent signing in December 2005 and the framework agreement signed in February. Both parties expect to complete the transaction early next year, subject to approval of the Chinese government.