TNT (now part of PostNL) was an Australian transport and logistics company with significant operations in Europe. It was a client of investment bank Macquarie Bank and in May 1996 TNT and their Macquarie advisors, from the Corporate Advisory Division of Macquarie Corporate Finance (MCF), had a meeting in Hong Kong with Royal PTT Nederland NV (KPN), the Dutch postal service, concerning a possible friendly takeover of TNT by KPN. Back in Sydney, the Macquarie advisors put together what they called "project Tennis", and those in this "Tennis team" were to keep the project confidential.