UPS raises offer to EU over $5.2bn bid for TNT
United Parcel Service has offered more concessions in a bid to win EU regulatory approval for its €5.2 billion bid for TNT Express, according to people familiar with the matter.
The latest offer came after the European Commission indicated an earlier proposal to sell warehouses and customer bases in about 15 countries, mainly in eastern Europe, was not sufficient to address competition concerns.
UPS is seeking to buy Dutch peer and European market leader TNT to gain access to TNT’s network in the fast-growing Asian and Latin American markets. UPS submitted its latest offer to the European Commission yesterday, one of the sources said.
The EU antitrust authority has told UPS rivals and customers to provide feedback on the latest concessions by today. – (Reuters)