Dutch-based European firm rejected intial takeover offer of $6.43 billion

NEW YORK - United Parcel Service Inc (UPS) is pressing ahead with talks to buy TNT Express NV after Europe's second-largest package-delivery company rejected a $6.43 billion takeover offer.

The "highly conditional" bid of 9 euros ($11.3) a share, 42 percent more than Friday's closing price in Amsterdam, was turned down by TNT's supervisory and executive boards of the company, based in Hoofddorp in the Netherlands. UPS confirmed that discussions were continuing.