UPS says its takeover of TNT Express is likely to be completed in the fourth quarter. The US firm says it wants to carry out a what it describes as a ‘Phase II review’, as there are “certain areas that require more time to analyse”. This extended review could take up to 25 weeks to complete, which will mean the initial offer period will need to be extended beyond the original deadline of 31 August, and is now expected to […]
TNT Express has confirmed that the European Commission has temporarily suspended a merger bid with rival postal company UPS. Despite the delay, which will allow the EU regulator to compile more information, TNT Express say that they “would still anticipate a closing in the fourth quarter.” A spokesman for TNT Express tells MT.co.uk: “We have been notified of what is expected to be a temporary delay in the European Commission’s review process. Suspensions are not uncommon, it’s the result of […]
TNT Express has secured a three-year contract renewal with Volvo, covering the delivery of parts to factories and aftermarket dealers across Europe.
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 […]