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UPS is due to formally submit its €9.50 per share cash offer for Dutch-owned parcels firm TNT Express tomorrow.

The offer has been recommended to shareholders by TNT’s board, with majority shareholder PostNL, which holds nearly 30% of all shares, agreeing to sell its stake under the offer.

If agreed, the transaction will create a global logistics firm that generates €45bn revenue per year, with UPS benefitting from an increased presence in Europe, while TNT’s customers will gain access to the North American market.

TNT shareholders have until 31 August to consider the offer, with an EGM held on 6 August to discuss the transaction.