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Provider: Thomson Reuters StreetEvents
Provider: Thomson Reuters StreetEvents

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EU Blocks United Parcel Service Inc, TNT Express NV Merger-DJ

Wednesday, 30 Jan 2013 05:48am EST 

Dow Jones reported that European Union (EU) regulators formally blocked a proposed merger between U.S. express delivery giant United Parcel Service Inc (UPS) and TNT Express NV, saying the transaction would have restricted competition in 15 EU countries. The decision had been expected after UPS said earlier this month that it would abandon its EUR5.2 billion ($6.99 billion) bid for its Dutch rival, saying the European Commission had told the U.S. firm it was working on a decision to block the deal. The commission, which reviewed the merger, said it has sought to address antitrust concerns with UPS but that concessions offered by the Atlanta-based firm were 'inadequate'. 

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