FedEx agrees to take over Dutch rival TNT Express

April 7, 2015 8:59 AM

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THE HAGUE, Netherlands (AP) — American package delivery service FedEx has agreed to take over Dutch rival TNT Express, one of Europe's largest delivery companies, for 4.4 billion euros ($4.8 billion), the companies announced Tuesday, in a move FedEx said will strengthen its business around the world.

FedEx Corporation has reached a conditional agreement on an all-cash offer of eight euros ($8.75) for each TNT Express share, a premium of 33 percent over the April 2 closing price, the companies said. They said the deal is expected to close in the first half of 2016.

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