Monday, January 14, 2013
Washington Post: The United Parcel Service walked away from its $6.9 billion takeover of the struggling TNT Express NV.
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. But regulators said in October that the deal would hurt competition by reducing the number of companies in the sector.
In response, UPS offered to sell parts of the company’s small package operations and airline assets. But after meeting with regulators Jan. 11, UPS told TNT it saw no prospect of the deal being approved — and it wasn’t interested in further concessions.