United Parcel Service and TNT Express Receive Statement of Objections
ATLANTA & HOOFDDORP, Netherlands -- October 19, 2012
United Parcel Service, Inc. (NYSE: UPS) and TNT Express N.V. (NYSE Euronext:
TNTE) confirmed today they have received a Statement of Objections (SO) from
the European Commission (EC). The SO addresses the competitive effects of the
intended merger on the international express small package market in Europe.
The competitive effects will be further defined as the process continues.
The SO is a normal step in a second phase merger procedure. It is a
confidential document that sets out a provisional position of the Commission
and does not prejudge the final outcome of the case. UPS and TNT Express will
respond to the EC within a couple of weeks, and intend to preserve the
confidentiality of the document and discussions in line with common practice.
UPS and TNT Express believe competition in Europe continues to be significant,
coming from multiple players who offer similar services. The combined company
will help create a more efficient logistics market, thereby improving the
competitiveness of Europe and the solutions offered to businesses and
consumers. Those benefits include future improvements to e-commerce to help
achieve the EU objective of a Digital Single Market. In addition, customers
and consumers will benefit from a broader portfolio of services and better
global access, along with lower supply-chain costs overall and improved
service levels in terms of timing and reliability.
UPS and TNT Express have worked closely with the European Commission during
this process, and look forward to continuing open and constructive discussions
as we work to complete the transaction in early 2013.
United Parcel Service (NYSE:UPS) is a global leader in logistics, offering a
broad range of solutions including the transportation of packages and freight,
the facilitation of international trade, and the deployment of advanced
technology to manage the world of business more efficiently. Headquartered in
Atlanta, UPS serves more than 220 countries and territories worldwide. The
company can be found on the Web at UPS.com and its corporate blog can be found
at blog.UPS.com. To receive UPS news direct, visit pressroom.UPS.com/RSS.
About TNT Express
TNT Express (NYSE Euronext: TNTE) is one of the world’s largest express
delivery companies. On a daily basis, TNT Express delivers close to 1 million
consignments ranging from documents and parcels to palletized freight. The
company operates road and air transportation networks in Europe, the Middle
East and Africa, Asia-Pacific and the Americas. TNT Express had revenues of
€7.25 billion in 2011.
Forward Looking Statements
This press release may include “forward-looking statements” and language
indicating trends, such as “anticipated” and “expected.” Although UPS and TNT
Express believe that the assumptions upon which their respective financial
information and their respective forward-looking statements are based are
reasonable, they can give no assurance that these assumptions will prove to be
correct. Neither UPS nor TNT Express, nor any of their advisors accepts any
responsibility for any financial information contained in this press release
relating to the business or operations or results or financial condition of
the other or their respective groups.
This is a joint press release by United Parcel Service, Inc. and TNT Express
N.V. pursuant to the provisions of Article 5:25i paragraph 2 of the Dutch Act
on Financial Supervision (Wet op het Financieel Toezicht) and Article 4
paragraph 3, of the Decree on public offers Wft (Besluit Openbare Biedingen
Wft, the Decree) in connection with the recommended public Offer by United
Parcel Service, Inc. for all the issued and outstanding ordinary shares and
all American depositary shares representing ordinary shares in the capital of
TNT Express N.V. This announcement does not constitute an Offer, or any
solicitation of any Offer, to buy or subscribe for any securities in TNT
Express N.V. The Offer is made only by means of the Offer Memorandum. This
announcement is not for release, publication or distribution, in whole or in
part, in or into directly or indirectly Canada or Japan. Terms not defined in
this press release will have the meaning as set forth in the Offer Memorandum.
Malcolm Berkley (Public Relations)
+1 404 828 3159
Anton Van der Lande (Europe)
+32 475 279 712
Andy Dolny (Investor Relations)
+1 404 828 8901
Neil Bennett, David Sturken
+44 207 379 5151
SPJ (The Netherlands)
Kees Jongsma, Wim Moerkerk
+31 20 647 8181
Ernst Moeksis (External Communications)
+31 (0) 6 51 189 384
Andrew Beh (Investor Relations)
+31 (0) 88 393 9500
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