A PYMNTS Company

EU: Commission squashes UPS/TNT $7B deal

 |  January 14, 2013

A long-winded fight is over: UPS has announced the company will withdraw its bid to takeover TNT Express, a plan worth $6.9 billion. The two had recently remained steadfast to the deal despite concerns from the European Commission throughout the months of negotiations; since their announcement in March to merge, UPS and TNT had offered multiple concessions to the Commission. The Commission has until early next month to officially rule on the matter, but according to separate statements from both parties, the Commission has said it will not approve of the deal. The dissolution of the deal is a blow to UPS, which was hoping to expand its enterprise throughout Europe through the merger.

Full Content: Deal Book

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.