European Commission Says 'No Sale' to UPS
ATLANTA — The European Commission (EC) said it is working on a decision to prohibit the sale of TNT Express to UPS.
UPS made the announcement early this morning.
“We are extremely disappointed with the EC’s position," said Scott Davis, UPS Chairman and CEO. "We proposed significant and tangible remedies designed to address the EC’s concerns with the transaction. The combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and customers around the world, while supporting growth in Europe in particular.”
Once the EC finalizes its decision, UPS will pay TNT a termination fee of EUR200 million, and officially withdraw the offer.
“I would like to thank TNT Express for their shared vision of the value we would have created for our customers, shareholders, and employees, and for the significant efforts they made over the past year,” commented Davis.
Davis said that UPS, with its strong finances, will continue to focus on growth through acquisitions.