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 […]
UPS says it is still in talks to buy rival TNT Express, despite its initial bid on 17 February being rejected by the Dutch parcels giant. “UPS remains in constructive discussions with TNT Express NV regarding a potential transaction to acquire the entire issued share capital of TNT Express,” a statement from the US parcel giant says. A bid of €9 per share was offered by UPS last month, worth €4.9bn, but this was rejected by TNT just five days […]
The RHA has said that compensation in its legal case against the truck manufacturers involved in the price-fixing scandal could yield around £6,000 per truck.
TNT Express is still processing parcels manually nearly a month after it was hit by a worldwide cyber attack, and has predicted it may not be able to recover the data lost in the incident.