BUSINESS

Reports: UPS to pay $6.8B for European package deliverer TNT after sweetening bid

03/18/2012 10:06 EDT | Updated 05/18/2012 05:12 EDT
NEW YORK, N.Y. - UPS has reached or is close to reaching a deal to buy European package delivery company TNT Express, according to media reports.

The online editions of the Financial Times and The Wall Street Journal said Sunday that the deal could be announced Monday. They put the price tag around $6.8 billion, or €5.2 billion.

The newspapers cited unnamed people familiar with the talks.

The offer equates to €9.50 per share. A month ago, TNT rejected an "informal" offer by Atlanta-based UPS of €9 per share. TNT shares closed Friday at €9.35.

A UPS spokeswoman said she could not confirm the media reports. TNT did not respond to a request for comment late Sunday European time.