PostNL NV Faces Renewed Antitrust Scrutiny Over 2019 Sandd Acquisition
The Dutch postal and logistics operator PostNL NV is under investigation by the Autoriteit Consument & Markt (ACM) for its 2019 takeover of rival Sandd. The probe follows a 2024 ruling by the College van Beroep voor het bedrijfsleven (CBb), which affirmed that the ACM had rightfully denied the merger permission in 2019.
Regulatory Context
The CBb decision, issued in December 2024, reiterated that the merger would have harmed competition in the domestic letter‑mail and parcel‑delivery markets. The ACM, now revisiting the case, seeks to determine whether any remedial measures should be imposed, or whether the acquisition should be reversed. The investigation is part of a broader European trend of tightening oversight of consolidation in logistics and postal services, where market concentration can erode consumer choice and pricing.
Implications for PostNL’s Operations
PostNL’s core business—collection, transport, sorting, and distribution of letters, printed matter, parcels, documents, and freight—relies on a nationwide network of post offices and sorting facilities. The Sandd acquisition was intended to consolidate infrastructure, reduce duplicate capacity, and improve cost efficiency. However, the ACM’s inquiry may compel PostNL to divest certain assets or implement operational safeguards to protect market competitiveness.
Market Reaction
Shares of PostNL, listed on the NYSE Euronext Amsterdam under the ticker PNL, closed at €1.178 on 11 February 2026, trailing a 52‑week high of €1.28 reached on 4 February 2026. The stock has demonstrated volatility, reflecting investor sensitivity to regulatory developments. With a market capitalization of roughly €599 million and a price‑to‑earnings ratio of ‑38.01, PostNL’s valuation remains heavily impacted by earnings pressure and uncertainty about future cost structures.
Forward‑Looking Assessment
From an industry perspective, the logistics sector is experiencing robust growth, as evidenced by the global express and parcel market expansion forecast to 2033. PostNL’s integration of Sandd could position it to capture a larger share of this growth, provided it navigates the ACM’s findings without triggering further antitrust actions.
The company’s strategy will likely focus on demonstrating that the merger delivers efficiencies and service improvements while maintaining fair market competition. Should the ACM impose remedial measures, PostNL may need to accelerate its digital transformation—leveraging data analytics and automation—to offset any divestitures or operational restrictions.
In conclusion, the ACM’s renewed scrutiny represents a critical juncture for PostNL. Its ability to align regulatory compliance with strategic efficiency will determine whether the company can sustain its competitive edge in an increasingly digitised and consolidated logistics landscape.
