UPS Improves Remedies Package in TNT Bid - Fox Business
The European Commission plans to market test the so-called remedies put forward by UPS this week, one person said, referring to a standard EU process where third-parties and rivals get the opportunity to respond to the offer. Not all rivals had received details of the new package by Tuesday morning.
UPS originally agreed to buy rival company TNT in a 5.16 billion euro ($6.68 billion) deal in March. It recently offered to sell off TNT's business across 12 European countries, mostly in Eastern Europe, and proposed other concessions in three additional countries. Included in that offer was a pledge to open up UPS's air network to rivals, as well as other divestures such as logistics and software, it is understood.
The European Commission plans to market test the so-called remedies put forward by UPS this week, one person said, referring to a standard EU process where third-parties and rivals get the opportunity to respond to the offer. Not all rivals had received details of the new package by Tuesday morning.
UPS originally agreed to buy rival company TNT in a 5.16 billion euro ($6.68 billion) deal in March. It recently offered to sell off TNT's business across 12 European countries, mostly in Eastern Europe, and proposed other concessions in three additional countries. Included in that offer was a pledge to open up UPS's air network to rivals, as well as other divestures such as logistics and software, it is understood.
