Private-equity investors are the only bidders left in the race to buy the contract logistics business of TNT, the Dutch mail group. The business is estimated byanalysts to be worth €1.8bn-€2.2bn ($2.3bn-$2.8bn). A short list of potential buyers includes Apollo Management, the US private equity group, and PAI, the European buy-out company.

CVC Capital Partners has also been closely involved in negotiations, as has Blackstone, another private-equity group, but the status of their involvement is unclear.