Posted: Oct 19, 2012 7:45 PM by Michael Marsh
Updated: Oct 19, 2012 7:45 PM
Source: Associated Press
The European Union's Executive Commission objects to UPS's takeover of TNT Express, a competing company that does express delivery of packages. The bid from UPS is $6.75 billion. Both companies said Friday they would address the objection in coming weeks and still expect approval for the merger next year. The companies say there are other players in the European market that offer similar services and customers would benefit from a combined product offering the merger would deliver. UPS is the largest package delivery service in the world while TNT is the second largest in Europe behind DHL.