UPS Purchase of TNT Express

Earlier this week, UPS reached an agreement to purchase Netherlands-based delivery services company TNT Express. Given the acquisition presumably includes TNT's air cargo services, the deal will need to comply with the ownership and control rules established in Annex of the U.S.-EU Air Transport Agreement. See Air Transport Agreement, Annex 4, U.S.-EU, Apr. 30, 2007, 46 I.L.M. 470 (available here). While this aspect of the deal has to this point gone underreported, a Financial Times article suggests that UPS might sell control of the air operations in order to comply. See Robert Wright & Matthew Steinglass, TNT is Vital Piece in UPS Jigsaw Puzzle, Financial Times, March 19, 2012 (available here).