UPS takeover of TNT Express collapses
The proposed €5.2 billion takeover of Dutch delivery group TNT Express by UPS has collapsed after the European Commission indicated it would block the deal.
The news sent shares in TNT Express down precipitously in Amsterdam trading as the nine-month courtship appeared all but over, marking one of the biggest transactions that the commission has ruled against.
Although UPS sees no realistic prospect of the deal being cleared, formal termination of the agreement with TNT Express will occur once Brussels has officially blocked the deal.
UPS had been scrambling to put in place a package of remedies to win approval, which involved selling a portfolio of assets across Europe and giving it rights to buy space on the UPS airline. – (Copyright the Financial Times Limited 2013)