American express delivery group UPS will only increase its offer for Dutch firm TNT Express by a ‘symbolic’ amount, Dutch media quoted news agency Reuters as saying on Tuesday.

The news agency bases its claims on company sources, and argues UPS has a strong position in the negotiations because no counter-offer has yet been made. Last month, TNT rejected a €9 per share approach from UPS.
However, the two sides are now reported to be in talks. Last week, chief executive Marie-Christine Lombard sent a letter to staff saying the management and supervisory boards are ‘concentrating on a thorough analysis’ of the takeover conditions UPS has proposed.
Reuters quoted its sources as saying the talks are now focusing on the location of the headquarters and jobs, the Telegraaf said.