Peter Bakker, the chiefexecutive of Dutch mail companyTNT, said the companyhad not been approached byany potential buyers. However,he does not rule out afuture bid, the BirminghamPost reported.

Speaking during a recentvisit to the US, Bakker saidprivate equity companiescould consider a bid, butsaid he had received noapproaches yet. "If it is sopressing that TNT is takenover, then they would havegot a better deal 14 monthsago," Bakker said, but addedhe thought the company wasstill undervalued despite asteady rise in its share pricein recent months.

TNT has been the subjectof repeated take-over speculationover the past year. Analystssay rivals such as UPS orFedEx would gain a strongerfoothold in Europe if theywere to buy TNT’s Europeanexpress delivery business.