March 19 (Reuters) - United Parcel Service (UPS) has agreed to buy European rival delivery firm TNT Express in a takeover likely to value the Dutch company at about 5 billion euros ($6.6 billion), the Financial Times said on Monday.
The newspaper quoted people familiar with the talks as saying the agreement had been reached on Sunday and could be announced as soon as Monday, with UPS likely to be offering about 9.50 euros a share for TNT Express.
This would represent a second increase on UPS's first offer of 8.25 euros a share, which it made in November last year. The world's largest package delivery company last month proposed 9 euros per share, an offer that TNT Express rejected.
TNT Express last month reported weaker than expected results amid a bleak economic outlook.. Employing people 83,000 worldwide, it has unspecified pension liabilities and is the middle of a costly restructuring plan to counter declining delivery volumes and reduce costs.