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Anticipating a refusal of the European Commission, the guardian of competition, the U.S. giant UPS courier usps track waived buy Dutch rival TNT Express, a transaction that would have allowed it to consolidate its position as world number one.
The European Commission has informed UPS and TNT, during a meeting Friday, January 11, she leaned toward a refusal given the current offer, which would raise competition concerns, said Monday the group Hoofddorp, resulting from split in 2011 into two entities TNT: TNT Express, which operates in more than 200 countries and employs about 77,000 people, usps track and the postal group PostNL, mainly usps track active in the Netherlands. Convinced veto upcoming EU, UPS took the lead and decided to "not continue the operation," said TNT Express. This friendly takeover bid (OPA), which was announced on March 19 for a total of 5.16 billion, or 9.50 euros per share, should be completed in early 2013. The European Commission launched in July a thorough investigation into the supply of UPS, explaining fear for competition in the distribution sector of small packages. Indeed, absorption of TNT Express have reduced the number of operators from four to three. UPS tried to reassure usps track EU pledging to dispose of assets usps track in Europe, for which La Poste, active on the market through its subsidiary courier DPD, was acquiring scope. The transaction was initially be closed in 2012, but it had been delayed because of the time needed to get the green light from the authorities, forcing UPS to extend the deadline for its bid to end of February at the latest.
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TNT Express said he regretted "the situation, having believed that the merger was feasible and beneficial to all shareholders," while executive director of UPS, Scott Davis, has said his side "extremely disappointed with the position the European Commission. " "The two companies were combined transformation vectors for the logistics usps track industry, bringing significant benefits to customers and consumers around the world, usps track while supporting growth in Europe," he added. More Nico van Geest challenges, analyst at Capital asset manager Keijser, believes that this decision is not a surprise, usps track even if "left of hope." "The company is strong in Europe, grows well in emerging markets, has no debt and already working on reductions in costs," he also said, referring usps track to the future of TNT Express. The broker Cheuvreux has meanwhile told Dow Jones Newswires that TNT Express would have to face "more challenges than before, amplified by the scope of the management team focus on the agreement" with UPS . The biggest usps track loser of this abandonment UPS PostNL nevertheless, assured Mr. Van Geest: main shareholder with 29.9% of TNT Express, he hoped to repay its debt through the sale of shares. The official end of the acquisition agreement will be made upon receipt of the rejection of the European Commission. UPS will pay 200 million euros in compensation to TNT Express, a sum that was scheduled usps track between the two parties in case of withdrawal of the offer. A spokesman for TNT Express, Cyrille Gibot, assured usps track that TNT Express would now focus on its own strategy "to improve profitability." Global leader in package usps track delivery, UPS employs approximately 400,000 people. The acquisition usps track of TNT Express would have made giant's biggest mail and logistics group in Europe, the Dutch group is the