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UPS Drops TNT Express as EU Moves to Reject $6.9 Billion Bid

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United Parcel Service Inc., the world’s biggest package-delivery company, scrapped a 5.16 billion-euro ($6.9 billion) bid for TNT Express NV after European regulators moved to block the deal.

Antitrust officials told the companies last week that the latest remedies were insufficient, according to TNT, which fell as much as 51 percent in Amsterdam. TNT will get a 200 million-euro termination fee from UPS following formal rejection of the combination, the biggest to fail in Europe since BAE Systems Plc and EADS called off a merger in October.