TNT Takeover By UPS Could Cost Up To 20,000 Jobs - Report

Date : 03/20/2012 @ 3:25AM
Source : Dow Jones News
Stock : Fedex Corp. (FDX)
Quote : 211.88  -1.0 (-0.47%) @ 4:02PM

TNT Takeover By UPS Could Cost Up To 20,000 Jobs - Report

Tnt Express (EU:TNTE)
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The takeover of Dutch package shipper TNT Express NV (TNTE.AE) by U.S.-based United Parcel Service Inc. (UPS) could cost up to 20,000 jobs, Dutch daily Het Financieele Dagblad reported in an interview with TNT Chief Executive Marie-Christine Lombard.

On Monday, UPS, the world's largest international package shipper by revenue ahead of FedEx Corp. (FDX), said it has agreed to buy smaller rival TNT Express in an all-cash deal valuing the Dutch package shipper at EUR5.16 billion ($6.80 billion).

According to the newspaper, Lombard said that while there are few concrete agreements about labor aspects, the loss of up to 20,000 jobs is possible. She added that part of the agreement is that potential lay-offs would be evenly spread between TNT and UPS. TNT has a total of 77,000 employees.

TNT wasn't immediately available to comment.

-By Amsterdam Bureau, Dow Jones Newswires; amsterdam@dowjones.com

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