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Brussels forces UPS to dump TNT bid
[ January 14, 2013 // Chris ]UPS has abandoned its bid to take over Dutch-owned express rival TNT Express in the face of opposition from Brussels. The US-based parcels giant said on 14 January that it had learned that the European Commission was working on a decision to prohibit the proposed acquisition.
UPS had already submitted proposed “remedies” to assuage the regulators’ concerns, but to no avail.
UPS chairman and CEO Scott Davis, said he was “extremely disappointed” with the EC’s decision. “The combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and customers around the world, while supporting growth in Europe in particular.”
UPS will pay TNT a termination fee of EUR 200 million.