It is no wonder that TPG is mentioned whenever other European postal services are looking for a partner. In the third quarter, the Dutch postman delivered 13 per cent underlying growth in net income year-on-year. That was one of TPG's weaker recent quarters. Like rivals, it suffers from increasing competitive pressures, especially in direct mail. But in terms of operational efficiency and capital discipline, it remains far ahead of the likes of Britain's Royal Mail and Germany's Deutsche Post.

That may not be enough to give TPG an edge in its attempts to buy a 25 per cent stake in state-owned Post Danmark. Its more generous German rival has also put in a bid. Moreover, Post Danmark is already relatively well-run. Even if TPG were to secure guarantees that it will eventually get control over the business, the amount of efficiency improvements through skill transfers looks limited.