UPS and TNT Express have submitted remedies to the European Commission to address its competition concerns, extending the review period further.
The submission extends the EC’s review period by 15 business days to 5 February 2013.
The proposed remedies involve the sale of the business activities and its assets. UPS needs to ensure the long-term viability of these activities and the continuity of service already provided by TNT Express. In order to receive approval, the EC will market-test the remedies.
Earlier this month, EC vice-president responsible for competition Joaquín Almunia said “substantial remedies are needed” to address the competition concerns the commission has.
UPS and TNT expect the merger to be cleared early next year.
