Reuters: Mergers News: UPDATE 1-TNT Express swings to profit ahead of UPS acquisition

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UPDATE 1-TNT Express swings to profit ahead of UPS acquisition May 2nd 2012, 07:16 Wed May 2, 2012 3:16am EDT AMSTERDAM May 2 (Reuters) - Dutch parcel delivery company TNT Express said its acquisition by U.S. group United Parcel Service was on schedule, as it reported a return to a first-quarter operating profit. TNT Express said on Wednesday it had first-quarter operating income of 37 million euros ($49 million), compared with a 79 million loss in the 2011 period. Revenue rose 1.3 percent to 1.82 billion euros. In March, TNT Express accepted an offer to be acquired UPS, the global mail service leader, for 5.2 billion euros. TNT Express said on Wednesday it had "experienced mixed economic conditions in Europe and slowing Asia-Europe trading volumes," without saying how those developments would affect its results. UPS was due to present details of the offer for TNT Express to Dutch authorities by May 19.

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