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UPS TNT offer ‘still live’

[ March 16, 2012   //   ]

UPS says that it is still interested in buying rival express carrier, TNT. In a statement issued on 16 March, the US-based company said it “ remains in constructive discussions with TNT Express N.V. regarding a potential transaction to acquire the entire issued share capital of TNT Express.”

It adds that it still plans to submit a request for approval of its offer document to the Netherlands Authority for the Financial Markets (AFM) within 12 weeks from its initial announcement on 17 February.

TNT had rejected the US giant’s initial €4.9 billion offer but the two companies were reported to be continuing negotiations. Last week, the Bloomberg news agency reported that the sides were close to a deal on the price. It said that acquiring TNT would give UPS a 17.3% share of the European express market before any divestments, almost on par with DHL.

TNT was split from Dutch mail company PostNL NV in May 2011, which retained a 29.9% stake in the company but TNT’s performance since then has deteriorated.

UPDATE:

UPS has agreed to buy rival carrier TNT Express

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