Business, Freight News, Logistics

UPS ‘close’ to TNT deal

[ March 9, 2012   //   ]

UPS is reported to be nearing agreement to buy TNT Express NV following the rejection of the US giant’s initial €4.9 billion euro offer was rejected, according to Bloomberg. The news agency reported that the sides are now close to a deal on the price, but on conditions that may lead to job cuts and divestments to win antitrust approval, said Bloomberg, quoting people who declined to be identified. A formal announcement may come as soon as next week, they added.

Under Dutch law, UPS must clarify its intentions to the market by 16 March, four weeks after the first announcement of its acquisition proposal. Bloomberg said that acquiring TNT would give UPS a 17.3% share of the European express market before any divestments, almost on par with DHL.

Source: Bloomberg


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