US delivery giant United Parcel Service (UPS) is to launch its 5.16 billion euro ($6.77 billion) takeover bid of Dutch firm TNT Express on Friday, the two companies said in a statement.
"The offer period commences on 22 June 2012 at 9:00 hours Amsterdam time (3:00 am New York time, 0700 GMT) and ends on 31 August 2012 at 18:00 Amsterdam time (noon New York time, 1600 GMT) unless extended," said the statement.
TNT Express is a global player operating in more than 200 countries and maintains a leading role in the road freight network in Europe.
UPS is the world's biggest package-shipping group, with annual revenues last year of $53.1 billion and 400,000 employees.
Analysts have said the acquisition marks a breakthrough for the US-based UPS in the European and global market and is part of UPS's strategy to focus on road transport as rising fuel costs and cut-backs made flying more expensive.
Source: AFP Global Edition