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United Parcel Service Inc Anticipates European Commission To Prohibit Acquisition Of TNT Express NV

Monday, 14 Jan 2013 02:02am EST 

United Parcel Service Inc announced that the European Commission (EC) has informed UPS and TNT Express that it is working on a decision to prohibit the proposed acquisition of TNT Express. UPS submitted an initial remedies proposal on November 29, 2012 and subsequently revised the proposal twice. UPS began the competitive review process with the EC in March 2012. Upon prohibition by the EC, the Offer Condition relating to EU Competition Clearance will not be fulfilled and UPS will pay TNT a termination fee in the amount of EUR200 million and will withdraw the Offer. Further announcements will be made once the European Commission has issued formal decision. The decision is expected to be adopted formally in the coming weeks. 

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-0.14 -0.13%
23 Jul 2014