UPS to take over TNT Express

American express parcel firm UPS has agreed to pay €5.16bn or €9.50 a share for Dutch group TNT Express, the two companies announced on Monday.


UPS offered €9 a share for the Dutch firm four weeks ago, an offer which was rejected for being too low. Nevertheless, the two firms remained in talks and have now agreed to create a merged group with 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.
Rights
UPS has said it will ‘respect the current rights’ of TNT Express workers and make the Netherlands ‘a centre of excellence’ in terms of marketing and sales.
However, the press release makes no mention of redundancies and unions have called for a speedy meeting to discuss the plans, news agency ANP says.
TNT Express, spun off when TNT Post split into its express arm and PostNL last year, posted a net loss of €173m in the fourth quarter of last year.

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