UPS has proposed a €5.16 billion ($6.58 billion) takeover of TNT. In a statement on Friday, TNT said the sale of its airline business is conditional and dependent on the completion of the deal with UPS.
UPS has pushed back the completion date of the deal twice since it was announced on March 19, citing the regulatory review process.
If TNT goes ahead with the sale of its airline business, it will sell TNT Airways and Pan Air Lineas Areas SA in completion to ASL.
As part of its merger agreement, UPS has agreed to pay a fee of €200 million to TNT if it backs out of the deal.
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