FedEx Corp (FDX.N) is to buy Dutch package delivery firm TNT Express (TNTE.AS) for an agreed 4.4 billion euros ($4.8 billion), stepping up the challenge to rivals United Parcel Service (UPS.N) and Deutsche Post (DPWGn.DE) in Europe.

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

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