FedEx Corp launched a 4.4 billion euros ($4.8 billion) bid to purchase Dutch package delivery company TNT Express, seeking success where main rival United Parcel Service failed two years ago when its bid was blocked on competition concerns.FedEx will offer 8 euros in cash per ordinary TNT Express share, in a deal that would give the U.S. firm access to TNT's European road network and TNT customers access to FedEx's global distribution platform, the companies said on Tuesday.The price represents a premium of 33 percent over TNT's closing price of 6 euros on the Amsterdam exchange on April 2.The deal has been unanimously recommended by TNT Express' supervisory board. TNT's largest shareholder, PostNL, said it would tender its 14.7 percent stake in TNT to the FedEx offer.
United Parcel Service, Inc. is a package delivery company. Shares of UPS remained unchanged at $96.84. In the past year, the shares have traded as low as $94.05 and as high as $114.40. On average, 3518000 shares of UPS exchange hands on a given day and today's volume is recorded at 0.
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