UPS to drop bid for TNT Express after EU refusal plan
THE HAGUE (AFP) - US delivery giant United Parcel Service (UPS) said on Monday that it was pulling out of its multi-billion-euro bid for Dutch firm TNT Express after European Union (EU) competition authorities said they would probably block the deal.
"UPS informed TNT Express that UPS sees no realistic prospect that EC (European Commission) clearance can be obtained and that UPS will not pursue the transaction on any other basis," UPS said in a statement from Hoofddorp in the Netherlands.
The decision is despite an attempt by UPS last year to overcome competition concerns by amending its 5.16-billion-euro (S$8.43 billion) bid.
EU competition authorities had warned that the takeover as constructed would result in damaging concentration in the European market for express delivery.