°®¶¹´«Ã½

Less-than-truckload carrier ABF Freight System has raised its rates by an average 5.9%, the company said.

Arkansas Best Corp. has again extended the contract between its ABF Freight System less-than-truckload unit and the Teamsters union, in order to give union members time next month to approve a tentative labor agreement.

Arkansas Best Corp. said in a regulatory filing Thursday that it rejected an overture by less-than-truckload competitor YRC Worldwide to buy its ABF Freight System unit.

ABF Freight System and the Teamsters union said they have reached a tentative five-year labor agreement, although no details were disclosed.

ABF Freight System said it has agreed to another extension of its contract with the Teamsters union, through May 31, as labor negotiations continue.

ABF Freight System said it has agreed to a 30-day extension on its contract talks with the Teamsters union beyond a scheduled March 31 deadline.

ABF Freight System and the Teamsters union both reported progress on their labor talks held last week in advance of the March 31 conclusion of their existing contract, and the company said talks could continue beyond the end of the current labor pact.

Arkansas Best Corp. reported a $7.9 million fourth-quarter loss as flat revenue, tonnage and pricing were offset by higher costs.

The Teamsters union and ABF Freight System held negotiations in Kansas City, Mo., this week, and talks will continue into next week to reach a labor agreement between the two parties, the union said.