EC refused to grant UPS extra time over concerns - Marketwatch
The European Commission refused to provide United Parcel Service Inc with more time to resolve antitrust concerns about its proposed acquisition of TNT Express NV , after it raised concerns about the viability of the proposed purchaser of the remedy package and the lack of a binding deal, according to a TNT spokesman.
On Monday UPS said it would abandon a 5.2 billion euro ($6.9 billion) bid for smaller Dutch parcel-delivery company TNT Express, after the commission had told the U.S. firm it was working on a decision to block the deal.
A person familiar with the commission's thinking said earlier this week that some of the last concessions put forward earlier this month by UPS had been filed "too late" and were "too complex" to be thoroughly tested prior to any commission decision on the deal.
The European Commission refused to provide United Parcel Service Inc with more time to resolve antitrust concerns about its proposed acquisition of TNT Express NV , after it raised concerns about the viability of the proposed purchaser of the remedy package and the lack of a binding deal, according to a TNT spokesman.
On Monday UPS said it would abandon a 5.2 billion euro ($6.9 billion) bid for smaller Dutch parcel-delivery company TNT Express, after the commission had told the U.S. firm it was working on a decision to block the deal.
A person familiar with the commission's thinking said earlier this week that some of the last concessions put forward earlier this month by UPS had been filed "too late" and were "too complex" to be thoroughly tested prior to any commission decision on the deal.
