3 point, revenue ≠ profit and nor does volume.
Issue isn't who's got the biggest train set, issue is how much you make per box. Making $5 per box shipped means you got to ship double the volume to just generate the same total profits of your competitor who's earning $10/box.
According to FDX Annual Report 2010, revenues of $34.7b generated a net income of $2.0b & margin of 5.8%.
According to the UPS Annual Report 2010, revenues of $49.5b generated a net income of $3.5b & margin of 7.1%.
Don't know the split of what's carried by air v. truck but as UPS is primarily a trucking network whilst FDX an air network, we can trade stats all day as to who's got the biggest.
Point is, UPS generate more profits than FDX and have a higher profit margin. They're in a much stronger financial position to play for TNT.
Then again, nothing more motivating than a competitor trying to lock you out of the EU market.