UPS Announces Withdrawal of Offer for TNT Express

Wed Jan 30, 2013 6:56am EST

* Reuters is not responsible for the content in this press release.

ATLANTA--(Business Wire)--
United Parcel Service, Inc. (NYSE: UPS) today announced the withdrawal of its
Offer for TNT Express (NYSE Euronext: TNTE). 

As anticipated, the European Commission (EC) has issued a formal decision
prohibiting the proposed acquisition of TNT Express. As a result of the
prohibition by the EC, the Offer Condition relating to EU Competition Clearance
will not be fulfilled and the acquisition of TNT Express by UPS will not be
completed. Given this outcome, UPS and TNT Express entered a separate agreement
to terminate the Merger Protocol. 

UPS proposed significant and tangible remedies designed to address the EC`s
concerns with the transaction concerning the competitive landscape in Europe.
UPS believes that the combined company would have been transformative for the
logistics industry, bringing meaningful benefits to consumers and customers
around the world, while supporting much needed growth in Europe in particular. 

While UPS is disappointed in the EC`s decision, the company`s focus is on the
continued execution of its growth strategy. 

UPS (NYSE:UPS) is a global leader in logistics, offering a broad range of
solutions including the transportation of packages and freight; the facilitation
of international trade, and the deployment of advanced technology to more
efficiently manage the world of business. Headquartered in Atlanta, UPS serves
more than 220 countries and territories worldwide. The company can be found on
the Web at and its corporate blog can be found at To get
UPS news direct, visit 

Further Information 

UPS is making the Offer on the terms and subject to the conditions and
restrictions contained in the Offer Memorandum, dated 21 June 2012. TNT Express
has also made available the Position Statement, containing the information
required by Article 18, paragraph 2 and Annex G of the Decree in connection with
the Offer. 

Terms not defined in this press release shall have the meaning as defined in the
Offer Memorandum. 

This announcement contains selected, condensed information regarding the Offer
and does not replace the Offer Memorandum and/or the Position Statement. The
information in this announcement is not complete and additional information is
contained in the Offer Memorandum and the Position Statement. 

Shareholders are advised to review the Offer Memorandum and the Position
Statement in detail and to seek independent advice where appropriate to reach a
reasoned judgment in respect of the Offer and the content of the Offer
Memorandum and the Position Statement. 

Copies of the Offer Memorandum are available free of charge at the offices of
UPS, TNT Express, the Listing and Exchange Agent and the ADS Tender Agent and
can be obtained by contacting UPS, or TNT Express. Digital copies of the Offer
Memorandum are available on the websites of UPS ( and TNT
Express ( Digital copies of the Position Statement are available on
the website of TNT Express ( 

Except for historical information contained herein, the statements made in this
release constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements, including statements regarding the
intent, belief or current expectations of UPS and its management regarding the
company's strategic directions, prospects and future results, involve certain
risks and uncertainties. Certain factors may cause actual results to differ
materially from those contained in the forward-looking statements, including
economic and other conditions in the markets in which we operate, our
competitive environment, increased security requirements, strikes, work
stoppages and slowdowns, changes in energy prices, governmental regulations and
other risks discussed in the company's Form 10-K and other filings with the
Securities and Exchange Commission, which discussions are incorporated herein by

This is a press release by United Parcel Service, Inc. pursuant to the
provisions of Article 4 and Article 12 paragraph 3 of the Decree on public
offers Wft (Besluit Openbare Biedingen Wft, the Decree) in connection with the
recommended public Offer by United Parcel Service, Inc. for all the issued and
outstanding ordinary shares and all American depositary shares representing
ordinary shares in the capital of TNT Express N.V. This announcement does not
constitute an Offer, or any solicitation of any Offer, to buy or subscribe for
any securities in TNT Express N.V. This announcement is not for release,
publication or distribution, in whole or in part, in or into directly or
indirectly Canada or Japan. This announcement is not for release, publication or
distribution, in whole or in part, in or into directly or indirectly Canada or
Japan. Terms not defined in this press release will have the meaning as set
forth in the Offer Memorandum.

Public Relations:
Peggy Gardner, +1 404-828-6051
Investor Relations:
Andy Dolny, +1 404-828-8901
Maitland (UK)
Neil Bennett, Tom Buchanan and David Sturken, +44 207 379 5151
SPJ (The Netherlands)
Kees Jongsma or Wim Moerkerk, +31 20 647 8181 

Copyright Business Wire 2013