Today's Coming Crisis Movie

Monday, January 14, 2013

UPS to withdraw TNT Express bid after European Commission veto (still people out there that believe the EC do not have any power?)

United Parcel Service Inc (UPS) (UPS.N) said it will withdraw its 5.2 billion euro ($7 billion) bid for TNT Express (TNTE.AS) because it expects the European Commission (EC) to block the deal.

UPS, the world's No. 1 package delivery company, was seeking to buy Dutch peer and European market leader TNT Express to gain access to its network in the fast-growing Asian and Latin American markets.

The EC has informed UPS and TNT Express that it is working on a decision to prohibit the proposed acquisition, the two companies said in separate statements.