UPS, TNT Express Said to Near Agreement After Initial Rejection

United Parcel Service Inc. (UPS) is nearing an agreement to buy TNT Express NV (TNTE), Europe’s second- largest package-delivery company, after an initial 4.9 billion euro ($6.5 billion) offer was rejected, people familiar with the matter said. The two sides are now close to a deal on price following UPS’s bid of 9 euros a share last month, and on conditions that may lead to job cuts and require divestments to win antitrust approval, said the people, who declined to be identified because the process is private. The talks are focused on concessions UPS will offer to preserve TNT jobs in Europe, and bigger measures to keep jobs will probably impact the price UPS is willing to pay, one of the people said.