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Dutch logistics giant TNT Express is to be acquired by its US-based rival UPS for €5.16 billion, it has been announced.
The two companies said the combined entity will create a global leader in the logistics industry with annual revenues of more than €45 billion.
TNT Express delivers close to one million consignments, from documents and parcels to palletized freight, each day. The company operates road and air transport networks in Europe, the Middle East and Africa, Asia-Pacific and the Americas. In 2011, the company had revenues of €7.25 billion.