TNT Express at night

UPS says its takeover of TNT Express is likely to be completed in the fourth quarter.

The US firm says it wants to carry out a what it describes as a 'Phase II  review', as there are "certain areas that require more time to analyse”.

This extended review could take up to 25 weeks to complete, which will mean the initial offer period will need to be extended beyond the original deadline of 31 August, and is now expected to be wrapped up by Q4 2012.

UPS is formally submitted its €9.50 per share cash offer for Dutch-owned parcels firm TNT Express on 22 June.

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.

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