UPS Begins Offer Period In $6.5 Billion TNT Express Takeover

Discussion in 'The Latest UPS Headlines' started by cheryl, Jun 21, 2012.

  1. cheryl

    cheryl I started this. Staff Member

    UPS Begins Offer Period In $6.5 Billion TNT Express Takeover - Bloomberg

    United Parcel Service Inc. (UPS)’s 5.16 billion-euro ($6.5 billion) cash offer for TNT Express NV (TNTE) runs through Aug. 31 as the U.S. company seeks to expand in Europe with the biggest deal in its 105-year history.

    TNT Express, which agreed to accept the bid of 9.50 euros a share on March 19, will hold an investor meeting in Amsterdam on Aug. 6 to brief its shareholders on the takeover, the companies said today in a joint statement.

    UPS, the world’s largest package-delivery company, will vault into equal footing in Europe with Deutsche Post’s DHL, the market-share leader, following the takeover of TNT, which it reiterated today will produce pretax cost savings of 400 million euros to 550 million euros annually after four years.