UPS Announces EC is Working on Decision to Prohibit Acquisition of TNT Express
United Parcel Service (NYSE: UPS) announced today 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 (NASDAQ: TNTEY).
UPS submitted an initial remedies proposal on Nov. 29, 2012 and
subsequently revised the proposal twice. UPS began the competitive
review process with the EC in March 2012.
Scott Davis, UPS Chairman and CEO said, “We are extremely disappointed
with the EC's position. We proposed significant and tangible remedies
designed to address the EC's concerns with the transaction. The combined
company would have been transformative for the logistics industry,
bringing meaningful benefits to consumers and