UPS agrees $6.9bn TNT deal as it seeks Europe expansion

TNT was spun off from Dutch mail company PostNL in May last year

 

Package delivery firm United Parcel Service (UPS) has agreed a deal to buy rival TNT in a 5.2bn-euro ($6.8bn; £4.3bn) deal.

The Dutch firm has accepted an improved bid of 9.5 euros a share, a 54% premium on its closing price of 6.18 euros on 16 February, the day before the two firms announced they were in talks.
The takeover is being seen as a move by UPS to expand its business in Europe.
UPS is the world's largest package delivery company.
"The complementary strengths of both organisations will create a customer-focused global platform that will be a leader in transportation technology and customer service," the companies said in a joint statement.
"The combination underlines UPS's long-standing commitment to Europe by expanding its express capabilities in Europe."