Market Overview

UPS and TNT Express Receive Statement of Objections from European Commission

Related UPS
Earnings Recap For February 2
UPS Delivers Impressive Q4 Results, Shares Gain
In Hoc Signo Vinces... What Market Signs Are You Watching? (Seeking Alpha)
Related TNTEY
Brazil Regulator Approves Fedex Acquisition of TNT Express
EC Unconditionally Approves FedEx Intended Acquisition of TNT Express

United Parcel Service (NYSE: UPS) and TNT Express (NYSE: TNTEY) confirmed today they have received a Statement of Objections (SO) from the European Commission (EC). The SO addresses the competitive effects of the intended merger on the international express small package market in Europe. The competitive effects will be further defined as the process continues.

The SO is a normal step in a second phase merger procedure. It is a confidential document that sets out a provisional position of the Commission and does not prejudge the final outcome of the case. UPS and TNT Express will respond to the EC within a couple of weeks, and intend to preserve the confidentiality of the document and discussions in line with common practice.

UPS and TNT Express believe competition in Europe continues to be significant, coming from multiple players who offer similar services. The combined company will help create a more efficient logistics market, thereby improving the competitiveness of Europe and the solutions offered to businesses and consumers. Those benefits include future improvements to e-commerce to help achieve the EU objective of a Digital Single Market. In addition, customers and consumers will benefit from a broader portfolio

See full press release

Posted-In: News Guidance Contracts Management M&A Global


Related Articles (UPS + TNTEY)

Get Benzinga's Newsletters