November 16, 2012 / 7:15 AM / 5 years ago

TNT Express sells airlines operations ahead of UPS takeover

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.

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