<Tr> <Th> Revenue </Th> <Td> € 6.91 billion (2015) </Td> </Tr> <Tr> <Th> Parent </Th> <Td> FedEx </Td> </Tr> <Tr> <Th> Website </Th> <Td> tnt.com </Td> </Tr> <P> TNT Express is an international courier delivery services company, now a subsidiary of FedEx but originally with headquarters in Hoofddorp, Netherlands . The firm has fully owned operations in 61 countries and delivers documents, parcels and pieces of freight to over 200 countries . The company recorded sales of € 6.91 billion in 2015 . Its major competitors include United Parcel Service (UPS) and DHL . TNT's competitor FedEx reached an agreement to buy the company in April 2015, which was completed on 25 May 2016 . </P>

Identify and discuss the market structure under which tnt express operates