EC blocks UPS acquisition of TNT Express
The proposed acquisition of delivery company TNT Express by UPS has been blocked by the European Commission.
The decision, flagged by UPS two weeks ago, was confirmed yesterday by Competition Commissioner Joaquín Almunia. “The takeover would have restricted competition in 15 member states and would have likely led to price increases,” he said. UPS’s failure to find a suitable buyer for TNT’s subsidiaries in 17 European countries was behind the decision, the commission said. Four companies offer express delivery services using the road and air network in Europe: UPS, TNT, DHL and FedEX. The latter has limited reach across the continent.