Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.
Do jilted brides go on to have happy independent lives? Sometimes – but rarely without a bit of suffering. TNT Express is a case in point. Marriage to UPS has been frustrated; its shares have dived 40 per cent below UPS’s cash terms and its chief executive has departed. There is a small plus in the €200-million ($271-million) break fee paid over by UPS last week, which adds to TNT’s end-2012 net cash of €140-million. But that pales alongside the acute need for a go-it-alone strategy.