US delivery firm FedEx has agreed to buy its rival TNT Express for €4.4 billion (£3.2 billion) ahead of plans to extend its reach into Europe.
Tex Gunning, chief executive of TNT Express, said: "This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy.
"But while we did not solicit an acquisition, we truly believe that FedEx's proposal, both from a financial and a non-financial view, is good news for all stakeholders."
