UPS Abandons TNT Express as EU Moves to Reject Takeover - Bloomberg
UPS Chief Executive Officer Scott Davis said he was “extremely disappointed” by the failure of a deal that would have been the biggest in his company’s history, giving it a European market share similar to Deutsche Post AG (DPW)’s DHL, the region’s top express operator.
While UPS had revised proposed concessions twice to include the sale of assets and the offering of air-network access to rivals, the European Commission has been seeking to create a player of a similar size to TNT to fill the void it would leave, Almunia told reporters last week.
The deal will be formally terminated once the “inevitable” prohibition ruling has been received, TNT said. The Dutch company added that it “regrets this situation, having believed the merger was feasible and beneficial for all stakeholders.”
UPS Chief Executive Officer Scott Davis said he was “extremely disappointed” by the failure of a deal that would have been the biggest in his company’s history, giving it a European market share similar to Deutsche Post AG (DPW)’s DHL, the region’s top express operator.
While UPS had revised proposed concessions twice to include the sale of assets and the offering of air-network access to rivals, the European Commission has been seeking to create a player of a similar size to TNT to fill the void it would leave, Almunia told reporters last week.
The deal will be formally terminated once the “inevitable” prohibition ruling has been received, TNT said. The Dutch company added that it “regrets this situation, having believed the merger was feasible and beneficial for all stakeholders.”
