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FedEx聽Corp said it will buy Dutch package delivery firm聽TNT聽Express for 4.4 billion euros ($4.8 billion), aiming to take on bigger rivals United Parcel Service and聽Deutsche Post聽in聽Europe.

European regulators blocked a 2013 takeover of聽TNT聽by UPS due to concerns it would stifle competition, but analysts and executives said on Tuesday聽FedEx, with its strong air fleet, would complement聽TNT's expansive European road network.

"This (acquisition) will dramatically lower our cost to serve European markets,"聽FedEx聽communications vice president聽Patrick Fitzgerald聽said.

ING analysts estimated that聽Deutsche Post's聽DHL聽currently has a 19 percent market share in聽Europe, followed by UPS with 16 percent,聽TNT聽with 12 percent and聽FedEx聽at 5 percent - meaning the deal would catapult聽FedEx聽to second place.

FedEx聽will offer 8 euros in cash per ordinary聽TNT聽share - a 33 percent premium on last week's close - in a deal that will give聽TNT聽customers access to聽FedEx's global distribution platform.

Memphis,聽Tennessee-based聽FedEx聽is financing the deal purely from debt - the latest company to take advantage of low interest rates.

The strong dollar may also have helped: UPS's 9.50 euros per share offer was around $12.50 in dollar terms. Compare that with聽FedEx's 8 euro share offer, worth $8.75 today.

TNT聽stock leapt more than 30 percent on Tuesday towards聽FedEx's bid price.

"FedEx聽has laid on the table an attractive offer price," said ABN Amro analyst Maarten Bakker, who has a "hold" rating on聽TNT聽shares.

"With聽FedEx聽having always been the most logical predator of聽TNT聽Express, we see the chances of a competing offer as slim."

The deal has been unanimously recommended by聽TNT's supervisory board.聽TNT's largest shareholder, PostNL, also said it would tender its 14.7 percent stake to聽FedEx. PostNL shares rose 17 percent.

"SMART MOVE"

UPS is fighting the decision by European regulators to block its 2013 bid for聽TNT, but has said it will not rebid forTNT聽regardless of the outcome. In a note to clients, ABN Amro wrote that UPS had said it wanted to make sure no precedent was set by the EU decision.

The regulatory block was damaging for聽TNT, which had been counting on adopting much of UPS's logistics backbone.

TNT, whose European market share has slumped by as much as 5 percent since the UPS deal fell apart, has cut costs, sold operations and invested in its road network to hold on to customers in a weak European market for business package deliveries.

"There is no regulatory risk whatsoever," said Kepler Cheuvreux analyst聽Andre Mulder聽of the proposed deal, callingFedEx's offer fair in view of聽TNT's weaker market position.

A rival bid from聽Deutsche Post聽was unlikely because it would risk hitting the 30 percent European market share ceiling UPS ran into, he said.

"FedEx聽made a聽smart move聽and their rivals can do virtually nothing," he added.

FedEx's decision to bid followed a 17 percent drop in聽TNT聽shares over the past year, versus a 21 percent rise in the benchmark Dutch AEX index.

TNT聽warned in February it expected tough trading to continue in its main western European markets.

It forecast an operating profit for 2015 but expects at least 250 million euros in further restructuring costs over the coming two years.