US delivery company United Parcel Service is in talks to buy Dutch rival TNT, a source familiar with the talks said.
The person, who declined to be identified because the talks are private, said the discussions were in the early stages but could provide no further detail.
The
Sunday Telegraphfirst reported that UPS was planning a €10 billion bid for TNT.
A UPS spokesman said the company would never discuss rumors or speculation about mergers or acquisitions. TNT officials were not immediately reachable for comment.
UPS has a market value of $66.26 billion while TNT is worth $14.24 billion.
TNT shares have swing wildly in July and August, first on talk that FedEx had prepared, and then abandoned, a bid for TNT. TNT shares have risen 14 per cent in the past week on market talk of a UPS bid.
The shares have traded between €18.49, a four-year-low, and €27.25 in the last two months.
Much of recent market talk driving the shares have centered around a scenario where UPS and a private equity group would buy and break up TNT, according to traders.
Reuters