Deals
UPS’s Aborted TNT Purchase Formally Blocked by EU Regulators
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United Parcel Service Inc.’s aborted takeover bid for TNT Express NV was formally blocked by European Union regulators because UPS failed to find a suitable buyer for parts of TNT to ensure competition for delivery services wouldn’t be crushed.
UPS’s inability to sign a binding deal with a potential purchaser of TNT units in 17 countries led regulators to conclude that its divestment plan was insufficient, the EU’s antitrust chief said today.