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United Parcel Service Inc, TNT Express NV Deal Falls Apart-DJ

Monday, 14 Jan 2013 05:39am EST 

Dow Jones reported that United Parcel Service Inc (UPS) has abandoned its protracted, $6.8 billion bid to take over smaller Dutch parcel-delivery company TNT Express NV, after encountering unexpectedly stiff objections to the deal from the European Commission's antitrust regulator. Despite months of negotiations, UPS said it expects the Commission to block the proposed acquisition after a meeting with the antitrust body of the European Union's executive arm last Friday. UPS had originally expected to receive approval for the deal after a first phase review, but the process dragged on, highlighting the Commission's concerns about future competition in the market for overnight deliveries of parcels in Europe. 

Company Quote

-0.48 -0.43%
26 Dec 2014