UPS has pulled out of its €5.16bn offer for TNT Express – in a deal that would have created a business with a combined annual turnover of £1.3bn in the UK – blaming European Commission (EC) concerns with the acquisition. The proposed merger is expected to be prohibited by the EC, the parcel giants warned in joint statements this morning (14 January). TNT said UPS sees “no realistic prospect” that it will receive EC clearance and will formally terminate the […]
TNT said 2015 will continue to be a year of transition for the company after reporting third quarter turnover of €1.6bn (£1.2bn), up 2.3% year-on-year, and a €27m operating loss, compared with an operating loss of €51m for the third quarter of 2014.
UPS has acquired temperature-controlled operator Polar Speed for an undisclosed sum.
European truck manufacturers have been hit with a record €2.9bn (£2.5bn) fine after they colluded for 14 years on truck pricing and on passing on the costs of compliance with emissions rules.