Shareholders in TNT are warning the Dutch postal firm against buying a stake in Royal Mail.
Investors contacted by the Observer said they were concerned that the British government would prevent TNT from cutting thousands of postal workers' jobs to make Royal Mail's letters business more profitable. Gordon Brown is facing a growing backbench revolt over his plan to part-privatise the service.
Jan Keuppens at Dutch firm Robeco, which is a top-15 shareholder, added that TNT's management should focus on reversing the 50% slide in its own profits reported last week. TNT also faces industrial action in the Netherlands after workers rejected a pay offer.
"Buying a stake in Royal Mail would be a distraction," Keuppens said. "They should not do it, unless they can agree a really good price and conditions. Many investors are saying that, even at a cheap price, TNT should not do a deal."
Another top-15 investor, who did not want to be named, added that TNT had promised a shareholder vote if it agrees to buy a stake of up to 49% in Royal Mail. "It gives shareholders some confidence they are not going to do something stupid," he said.
Billy Hayes, general secretary of the Communications Workers Union, said: "There is no political or public support to part-privatise Royal Mail. It's not surprising that some TNT shareholders think the company should focus on their home market and drop plans to buy a stake."
A TNT spokesman said: "Our investors have no reason to have any concerns. We are in constant dialogue with them. We carried out a series of roadshows last week and held our AGM only a few weeks ago. No concerns regarding our interest in Royal Mail were raised. We will consult our shareholders fully if we plan any bid."