United Parcel Service Inc. (UPS: Quote) announced the European Commission has informed the company and TNT Express that it is working on a decision to prohibit the proposed acquisition of TNT Express (TNTEY.PK). Upon prohibition, the offer condition relating to EU Competition Clearance will not be fulfilled and UPS will pay TNT a termination fee in the amount of 200 million euros and will withdraw the offer.
UPS submitted an initial remedies proposal on Nov. 29, 2012 and subsequently revised the proposal twice. UPS began the competitive review process with the European Commission in March 2012.
United Parcel Service expects the decision from European Commission to be adopted formally in the coming weeks.
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by RTT Staff Writer
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