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European Union antitrust regulators block 5.2-billion-euro UPS, TNT deal

Reuters
January 31, 2013, 11:16 am TWN

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BRUSSELS -- EU antitrust regulators blocked a 5.2-billion-euro (US$7 billion) bid by United Parcel Service Inc. for TNT Express as expected, saying the firm had not offered adequate concessions to ensure the deal would not hurt consumers.

The world's No. 1 package delivery company had flagged the negative decision on Jan. 14, saying it would withdraw its bid because of opposition from the EU competition regulator. The deal would have given it access to Dutch peer TNT's stronger networks in fast-growing Asian markets and Latin America.

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