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EU blocks 5.2b euro UPS-TNT deal
Reuters | January 30, 2013 23:43
By Agencies
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EU antitrust regulators blocked a 5.2 billion euro ($7 billion) bid by United Parcel Service (UPS) for TNT Express, denting the package delivery company's hopes of expanding its presence in Asia and Latin America.

The EU regulatory veto means the world's No.1 package delivery company may now have to grow via smaller acquisitions or organically, while TNT could come under pressure to change management or revise its business strategy to deflect activist shareholders.

The European Commission said UPS had not offered adequate concessions to ensure the deal would not hurt consumers. UPS had flagged the negative decision on January 14, saying it would withdraw its bid because of opposition from the EU regulator.

Reuters


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