News Summary: UPS abandons $6.9B TNT Express deal

Print Page Updated: 07:43:36 PM, Mon 14 January 2013
TNT FIZZLES: United Parcel Service Inc. has ditched its €5.2 billion ($6.9 billion) takeover of struggling Dutch package delivery company TNT Express NV, citing objections from European regulators.

COMPETITION QUESTIONED: UPS offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. Regulators said in October that the deal would hurt competition in the sector.

FUZZY FUTURE: Though TNT will receive a €200 million ($265.5 million) break fee, it faces an uncertain future. TNT lost €3 million In the third quarter of 2012, .

Tags: european union, fedex, tnt express, ups, deutsche post, quarter, inc., news summary, computer_internet, uncertain future, european regulators, germany, competition, united parcel service, takeover, objections, express mail, tnt, delivery company, second-largest delivery company, tnt express nv, tnt n.v., tnt express deal, tnt fizzles, break fee, fuzzy future, transport and distribution companies

Close
Loading

News Headlines.com

  • List View
  • Grid View
Close
Contact Us
Send Feedback X