AMSTERDAM -(Dow Jones)- Dutch package shipper TNT Express NV (TNTE.AE) Tuesday denied a report about the potential loss of up to 20,000 jobs following the takeover by U.S.-based United Parcel Service Inc. (UPS).
"It's too early to comment about possible job losses," said Job van Harmelen, spokesman at TNT Express. He added the number of potential job losses mentioned in Dutch daily Het Financieele Dagblad makes no sense.
On Monday, UPS, the world's largest international package shipper by revenue ahead of FedEx Corp. (FDX), said it has agreed to buy smaller rival TNT Express in an all-cash deal valuing the Dutch package shipper at EUR5.16 billion ($6.80 billion).
According to the newspaper, Chief executive Marie-Christine Lombard said that while there are few concrete agreements about labor aspects, the loss of up to 20,000 jobs is possible. She added that part of the agreement is that potential lay-offs would be evenly spread between TNT and UPS. TNT has a total of 77,000 employees.