FedEx is to acquire rival TNT Express for €4.4bn, ramping up the US parcel delivery group's presence in Europe.
In a joint statement the companies said they had "reached conditional agreement" on a cash offer by FedEx of €8 per TNT Express share, giving TNT an equity value of €4.4bn.
The offer is a 33 per cent premium to TNT Express' closing share price last Thursday and a 42 per cent premium comapred to an average over the last three months.
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