TNT Express sells airlines operations ahead of UPS takeover

AMSTERDAM Fri Nov 16, 2012 2:15am EST

AMSTERDAM Nov 16 (Reuters) - Dutch delivery group TNT Express, which has agreed to be sold to U.S. rival UPS , said on Friday it has sold its airlines operations to ASL Aviation Group, a condition for the UPS deal.

TNT Express and UPS had said in their takeover agreement that TNT's airlines operations would be sold to comply with European Union rules that forbid a non-EU entity from owning or controlling 50 percent or more of an EU airline operator.