Bidding War for TNT Express in the Post? - Wall Street Journal Following Friday’s announcement of UPS’s €9-per-share bid, debate turned quickly to how much higher UPS may bid and whether FedEx will launch a takeover battle for the smallest of four global shippers that dominate the transportation of time-sensitive documents, consumer electronics and industrial parts. “FedEx could face scale challenges in competing effectively in Europe with a combination of UPS and TNT,” said Penelope Butcher, an analyst at Morgan Stanley. However, considering UPS’s deeper pockets, some wonder if a takeover battle will ensue. “UPS is strongly positioned to outbid FedEx were its key U.S. rival to harbor ambitions to acquire TNT Express,” said Neil Glynn, analyst at Credit Suisse.