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TNT accepts sweetened UPS offer

Monday, March 19, 2012 - 01:06

March 19 - United Parcel Service will pay 5.2 billion euros for Dutch peer TNT in a deal that will make the U.S. company the biggest package-shipper in Europe with 45 billion euros in global sales. Ciara Sutton reports.

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Dutch delivery firm TNT has finally found a buyer. It's accepted an offer from UPS which will set the US firm on route to be the biggest in Europe. Last month it rejected a UPS offer of 9 euros a share. But TNT now says it supports a revised offer of 5.2 billion euros - 9.5 euros a share. PostNL, which owns around 30 percent of TNT, has also backed the offer. UPS has long looked to TNT to help it expand in Europe - particularly in Britain, France and Germany. But it says the acquisition will also help it accelerate its global growth strategy. TNT has been growing steadily in China, India, as well as Brazil in recent years. The offer ends years of speculation over the future of the delivery company. With falling profits and a poor outlook for 2012, TNT's management have been under intense pressure from shareholders to find a buyer. Ciara Sutton, Reuters

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TNT accepts sweetened UPS offer

Monday, March 19, 2012 - 01:06