UPS Begins Offer Period In $6.5 Billion TNT Express Takeover

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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.
 
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