TNT NV, Europe's second-biggest express delivery company, rose 28 percent in Amsterdam trading after reports that its US rival FedEx Corp may make a bid for the company.
TNT advanced as much as €5.09 to €3.60, the biggest gain since its initial public offering in June 1998.
The Financial Times said that the economic downturn and rising fuel costs have hurt demand for package deliveries, causing the two companies to revive merger discussions.
A merger would see FedEx add to its European parcel delivery service following its acquisition of ANC Holdings Limited in 2007.
Together with DHL and FedEx, TNT accounts for about 60 percent of the European express logistics market in value terms.
It said that as a matter of policy it does not comment on speculation and market rumours.
TNT primarily operates in Europe and North America and is divided into two segments: express and mail.
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