UPS, London Olympics 2012

UPS says it is still in talks to buy rival TNT Express, despite its initial bid on 17 February being rejected by the Dutch parcels giant.

“UPS remains in constructive discussions with TNT Express NV regarding a potential transaction to acquire the entire issued share capital of TNT Express,” a statement from the US parcel giant says.

A bid of €9 per share was offered by UPS last month, worth €4.9bn, but this was rejected by TNT just five days before the Dutch firm posted a Q4 2011 operating loss of €104m.

UPS adds: “In line with regulatory requirements, UPS expresses it still has the intention to submit a request for approval of its offer document to the Netherlands Authority for the Financial Markets (AFM) within 12 weeks from its initial announcement of Feb 17 2012."