UPS has withdrawn its $6.9 billion offer to acquire TNT Express, a courier delivery services company based in the Netherlands.
As anticipated, the European Commission issued a formal decision prohibiting the proposed acquisition of TNT Express because of competition concerns. Consequently, UPS and TNT Express have terminated merger protocol.
UPS said it had proposed remedies designed to address the EC’s concerns with the transaction regarding the competitive landscape in Europe. The EC found in its investigation that the proposed takeover would have restricted competition in 15 EU member states and would have likely led to price increases.
UPS said in a written statement that it is “disappointed in the EC’s decision.”