EC review pushes back completion of UPS-TNT merger
Published: July 16, 2012
United Parcel Service 747-400. Courtesy, UPS
United Parcel Service (UPS) said its proposed €5.16 billion ($ 6.3 billion) acquisition of TNT Express will undergo a Phase II review by the European Commission (EC), a process that will push back the closing of the deal to the 2012 fourth quarter.
Atlanta-based UPS is making a significant move into the European market with its planned buy of Amsterdam-based TNT ( ATW Daily News, May 14 ). The Phase II review, a more in depth examination of potential antitrust implications from the UPS-TNT combination, could take up to 25 weeks to complete, UPS said.
“UPS and TNT Express remain convinced the merger will benefit customers and other stakeholders and look forward to successful completion of the regulatory process,” UPS and TNT said in a joint statement.
UPS had hoped to close the deal in the first half of 2012.