Bloomberg--FedEx Corp. (FDX) said it agreed to buy 14 Boeing Co. (BA) 757 passenger jets from United Continental Holdings Inc. (UAL) and convert them into freighters, part of a plan to save on fuel costs with newer, more efficient planes.

The package-delivery company will take possession of the narrow-body jets this year through 2015, and the March 8 agreement includes an option to purchase another 16 of the planes, FedEx said today in a regulatory filing. The Memphis, Tennessee-based company also has 70 767s and 777s on order, according to the filing.

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