United Parcel Service, the world's largest package carrier, is planning a $15.2 billion bid for its Dutch rival TNT, according to British media reports. Analysts say the Sandy Springs-based carrier has been seeking to boost its operations in Europe for some time.

According to London's Telegraph newspaper, UPS made an informal approach to buy TNT — Europe's second-biggest delivery service — and the two companies have held preliminary talks.

For UPS, buying TNT would mean gaining access to a full European air- and road-delivery network including an air hub in Liege, Belgium, and a trucking center in the Dutch city of Arnhem.

According to the Telegraph, UPS competitor FedEx hasn't ruled out bidding for TNT, a company that serves more than 200 countries and employs 161,500 people.

Both UPS and TNT have declined to comment, saying they don't respond to market rumors or speculation.

Kim Caughey, an investment analyst at Fort Pitt Capital Group in Pittsburgh, said that although she hasn't looked at the details of the deal "it fits with the direction the company has discussed with investors."

But Dan Ortwerth, an analyst at Edward Jones in St. Louis, said he doubts UPS will buy TNT.

"UPS already has significantly developed networks of its own in TNT's coverage map," he said. "UPS has its own highly disciplined and efficient system, and I just can't see them absorbing a system on the scale of TNT — and thereby having to bring it up to UPS standards — in a way that would benefit shareholders."

That said, Ortwerth added that he does expect to see a gradual consolidation of the industry on a global scale, a movement that's already under way.

"Both FedEx and UPS are quite deliberately building their businesses on a global model, which is one of the key reasons why we view them both positively," he said.

Because of soaring fuel costs and the struggling U.S. economy, UPS last month reported a 21 percent decline in second-quarter profit, to $873 million.

The company is seeking to bolster its international presence to limit its dependence on the slowing U.S. economy, which accounted for about 62 percent of the company's revenue in 2007.

Besides Europe, UPS also has tried to gain a greater foothold in China, the world's fastest-growing economy.

For example, the Olympic sponsor has been running a series of TV ads for Chinese audiences only, part of a strategy to make inroads into what the company has called its "next great frontier."

Part of the campaign includes billboards with the tagline: "If UPS can fully assist the Beijing 2008 Olympics, they can fully assist you."

UPS is the official Olympic sponsor of express and logistics services.