Few markets are harder to open than postal services. Slowly but surely, e-mail, regulation, competition and market fragmentation are forcing national operators to rethink their models.

Europe's pace is about to quicken. Denmark will soon announce the winner of a 25 per cent stake in Post Danmark, with Dutch TPG and Germany's Deutsche Post among contenders. Belgium wants a minority partner to modernise its service: TPG and France's La Poste are rumoured to be considering bidding jointly.