Reuters: Deals: UPS reaches deal to buy TNT Express: sources

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UPS reaches deal to buy TNT Express: sources Mar 18th 2012, 23:51 LONDON | Sun Mar 18, 2012 7:51pm EDT LONDON (Reuters) - United Parcel Service (UPS) (UPS.N) has agreed a deal to buy Dutch rival TNT Express (TNTE.AS) after raising its last 4.9-billion-euro ($6.45 billion) offer, two people familiar with the talks said. The U.S. package-delivery firm is expected to offer around 9.5 euros a share, or 5.1 billion euros, to win over TNT Express's shareholders after its previous bid of 9 euros a share was rejected. The deal is to be announced on Monday. UPS, which had to update on the status of the talks four week after its initial approach under Dutch law, said on Friday that it remained interested in buying TNT Express but needed more time. Sources close to TNT and UPS had told Reuters the parties had yet to reach an agreement on price, as TNT's poor results had made a compromise harder to reach. A tie-up between the two groups would give UPS a significant presence in Europe, putting it in a stronger position to compete with German rival DHL.

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