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United Parcel Service Inc Announces Withdrawal Of Offer For TNT Express NV

Wednesday, 30 Jan 2013 06:56am EST 

United Parcel Service Inc announced the withdrawal of Offer for TNT Express NV. 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 tangible remedies designed to address the EC's concerns with the transaction concerning the competitive landscape in Europe. 

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