6/21/2012 2:00:00 PM
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UPS Inc. said its approximately $6.5 billion offer for Dutch package firm TNT Express will begin Friday and run through Aug. 31.
UPS said the two companiesâ€™ boards â€œfully support and unanimously recommend the offer,â€� which will take effect at 9 a.m. Friday, Amsterdam time.
UPS announced the deal to buy TNT in March, which would be the biggest in UPSâ€™ 105-year history.
When first announced, the 9.50 euro-per-share deal was worth about $6.8 billion, but the approximately 5.16 billion-euro total has declined since then in U.S. dollar equivalent, due to currency fluctuations.
UPS said in March the deal would create a company with about $62 billion in annual revenue, of which about 64% would come from U.S. sources, compared with about 74% today.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
Â© 2012, Transport Topics Publishing Group. All rights reserved.
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