Dutch delivery giant TNT Express has posted a fourth-quarter net loss of €173m just a matter of days after rejecting a €9 per share unsolicited bid from United Parcel Service (UPS).

The Amsterdam-based firm blamed the performance principally on operating losses in Brazil, where it has struggled to integrate acquisitions, and challenging Asia-Europe trading conditions.

Although TNT said that it will explore partnership opportunities in Brazil and China, it has launched a new strategy that will see it focus on Europe.

Commenting on the new strategy, Building on Strengths, CEO Marie-Christine Lombard said: “Our franchise in Europe is unrivalled, with its unique service portfolio, dense networks and leading presence in all countries. This franchise gives us confidence in the future.

“We have ample opportunity to grow, not only in our traditional B2B segments but also in new services, such as PharmaSafe for the healthcare sector or pan-European B2C deliveries for high-value goods.

“Our European cover and density enable us to transform our operating model and reduce fixed costs by €150m by the end of 2013. As a global company, our positions outside Europe remain critical to service our customers’ supply chains. The way we will do this will however change.

“We will reduce our exposure to fixed intercontinental capacity through cooperation agreements with leading airlines and we will explore partnership opportunities for our domestic activities in Brazil and China.”

After posting its results on 21 February, TNT’s shares closed at €9.89, four days after it announced on 17 February that it had received an unsolicited non-binding and conditional proposal from UPS for the acquisition of the whole of the issued capital of TNT Express at an indicative price of €9 per ordinary share.

The TNT Express Supervisory and Executive Boards said they had “carefully considered the indicative proposal and explored its rationale, merits and risks for shareholders and all other stakeholders” and rejected it, although they said the parties “continue to be in discussions”.

Some analysts believe that UPS may increase its offer, or FedEx may emerge as a potential suitor, it has been reported.