FedEx Corp is to purchase Dutch package delivery firm TNT Express for an agreed 4.4 billion euros ($4.8 billion), stepping up the challenge to rivals United Parcel Service and Deutsche Post in Europe.European regulators blocked a 2013 takeover of TNT by UPS due to concerns it would stifle competition, but analysts and executives said on Tuesday FedEx, with its strong air fleet, would complement TNT's sizeable European road network."Europe, despite the fact that there has been low growth, is still an enormous market both for import and export," FedEx Corp. Chief Executive Fred Smith told analysts.TNT gives FedEx access to pan-European service and the domestic UK and French markets, areas where it is not yet a big player, Smith said, while TNT customers will get access to FedEx's global distribution platform.
United Parcel Service, Inc. is a package delivery company. Shares of UPS traded higher by 0.31% or $0.3/share to $97.14. In the past year, the shares have traded as low as $94.05 and as high as $114.40. On average, 3496750 shares of UPS exchange hands on a given day and today's volume is recorded at 480960.
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