United Parcel Service (UPS) is to sell 10% of its shares by the end of this year in what is likely to be one of the biggest initial public offerings ever, raising up to $3 billion. UPS, one of the largest privately held companies in the USA, and says the move should aid future acquisitions by allowing it to include cash and shares in a deal. The company is expanding aggressively in the overseas air express market, recently buying Challenge Air of Miami in order to boost its Latin American ambitions.

Source: Flight International