PostNL has sold half its stake in TNT Express, unloading around 15 percent of its 29.8-percent stake in the company for 507 million euro ($690.23 million) to reduce its debt.
According to reports, shares in PostNL rose 3.39 percent on the deal, while shares in TNT Express fell.
TNT Express saw its net profit fall 25 percent in the third quarter, when compared to the third quarter of 2012, amid challenging market conditions.
"While some segments are showing better performance, overall trading conditions remain demanding and visibility (is) limited," Tex Gunning, TNT’s chief executive officer, said at the time. "We are, therefore, developing further initiatives to reinforce our market and operational positions.”
TNT has been on a cost-cutting strategy — which has included cutting 4,000 jobs and eliminating its businesses in Brazil and China — ever since its merger with UPS was blocked in January by European regulators.