Business

UPS buys TNT Express for $ 6.73 billion

AMSTERDAM, Netherlands – The United Parcel Service Inc. (UPS) is said to have come to an agreement to buy Dutch rival TNT Express for $ 6.73 billion.

UPS offers an amount of $ 12.40 (9.5 euros) per share, a month after that TNT had refused an amount of $ 11.74 (9 euros) per share.

The American company based in Atlanta said the amount offered per share represented a premium of 54 percent compared to the trading of the TNT on the stock markets since the first offer, which occurred Feb. 17.

It is the largest acquisition ever made ​​by UPS,  the world’s largest package-shipping group with annual revenues last year of $53.1 billion and 400,000 employees.

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