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UPS launches bid for TNT

Thursday 21 June 2012

American courier company UPS officially launched its bid for TNT Express on Thursday morning with an offer of €9.50 per share.

The two companies reached agreement on the €5.16bn deal in March. The merged group will have annual turnover of €45bn.

The offer is supported by TNT Express's management and supervisory boards. PostNL, which owns 29.8% of the company, has said it will tender its shares. The offer runs until the end of August.

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