As a result of the prohibition by the EC, the
Offer Condition relating to EU Competition
Clearance will not be fulfilled and the
acquisition of TNT Express by UPS will not be
completed. Given this outcome, UPS and TNT
Express entered a separate agreement to
terminate the Merger Protocol.
UPS proposed significant and tangible remedies
designed to address the EC's concerns with the
transaction concerning the competitive landscape
in Europe. UPS believes that the combined
company would have been transformative for the
logistics industry, bringing meaningful benefits
to consumers and customers around the world,
while supporting much needed growth in Europe in
particular.
While UPS is disappointed in the EC's decision,
the company's focus is on the continued
execution of its growth strategy. 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
was expected to be completed in early 2013.
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