Quarterly report pursuant to Section 13 or 15(d)

BUSINESS ACQUISITIONS

v2.4.0.6
BUSINESS ACQUISITIONS
 3 Months Ended
Jun. 30, 2012
Business Combinations [Abstract]  
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS
Kiala S.A.
In February 2012, we acquired Kiala S.A. (“Kiala”), a Belgium-based developer of a platform that enables e-commerce retailers to offer their shoppers the option of having goods delivered to a convenient retail location. Kiala currently operates in Belgium, France, Luxembourg, the Netherlands and Spain. The acquisition will broaden our service portfolio for business-to-consumer deliveries. Kiala is not material to our consolidated financial position or results of operations.

TNT Express N.V.
On March 19, 2012, we announced an agreement to purchase TNT Express N.V. ("TNT Express") for €9.50 per ordinary share. The transaction will create a global leader in the logistics industry and an enhanced, integrated global network. The combination will expand our express capabilities and logistics solutions in Europe, while deepening our existing position in fast-growing regions such as Asia and Latin America. The offer values the issued and outstanding share capital of TNT Express at €5.16 billion (approximately $6.54 billion at the June 30, 2012 exchange rate).
On July 13, 2012, the European Commission announced that the proposed acquisition would move to a Phase II review, which can take up to 25 weeks to complete. In conjunction with the move to a Phase II review, we expect to extend the public offer for all of the issued and outstanding ordinary shares of TNT Express beyond the August 31, 2012 date initially set forth in the Offer Memorandum. We anticipate that the acquisition will be completed in the fourth quarter of 2012.