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Upon prohibition by the EC, the Offer Condition
relating to EU Competition Clearance will not be
fulfilled and UPS will pay TNT a termination fee
in the amount of EUR 200 million and will
withdraw the Offer. Further
announcements will be made once the European
Commission has issued its formal decision. The
decision is expected to be adopted formally in
the coming weeks.
"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. Looking ahead, our company focus
will be on the continued execution of our growth
strategy. While we viewed the acquisition as a
compelling growth platform, our financial
strength allows UPS to capture future
opportunities."
TNT Express N.V. is an international courier
delivery services company with headquarters in
Hoofddorp, Netherlands. The firm has fully owned
operations in 65 countries and delivers
documents, parcels and pieces of freight to over
200 countries. The company recorded sales of
over €7.2 billion in 2011. On March
19, 2012, United Parcel Service announced its
intention to acquire TNT Express for USD 6.7B.
On September 5, 2012, UPS released a press
release stating that the TNT Express acquisition
is expected to be completed in early 2013.
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