UPS Bids for European Delivery Service

The United Parcel Service Inc. made an informal approach to buy TNT NV, Europe's second-biggest express-delivery service, $15 billion, Britain's Sunday Telegraph said, citing unidentified people. Soaring fuel costs have hurt global courier businesses and falling share prices have made consolidation more compelling, the London-based newspaper said.

Buying TNT would give Atlanta-based UPS, the world's largest package-delivery company, a full European air and road-delivery network, including an air hub in Liege, Belgium, and a trucking center in the Dutch city of Arnhem. FedEx Corp. also had preliminary talks with TNT and decided not to make an offer, reports in July said.