EU turns down UPS acquisition of TNT
- Associated Press
- January 30, 2013 - 4:33 AM
BRUSSELS - The European Union has confirmed its rejection of a $6.9 billion deal for UPS to acquire Dutch delivery company TNT Express — two weeks after the U.S. company pulled out of the venture because of EU objections.
Antitrust Commissioner Joaquin Almunia said Wednesday that European businesses `'would have been directly harmed" by the takeover `'because it would have drastically reduced choice between providers and probably led to price increases."
UPS had offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. UPS said that it had proposed "tangible remedies" but Almunia said they were `'simply not enough."
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