UPS Formally Halts TNT Deal After Final EC Decision
United Parcel Service officially announced the withdrawal of its offer for TNT Express, as expected (see ITT's Online Archives 13011413). The European Commission issued its formal decision prohibiting the proposed acquisition of TNT Express, so one condition of the deal…
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can't be fulfilled, it said. UPS and TNT Express entered a separate agreement to terminate the Merger Protocol, it said. UPS said it's disappointed with the EC’s decision, but "the company’s focus is on the continued execution of its growth strategy."