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UPS bid for TNT has limited appeal
[ April 10, 2013 // Chris ]UPS is to appeal against the European Union’s decision in January to block its €5.16 billion takeover of rival TNT Express. However, the US giant said it wanted “to clarify the legal reasoning” behind the move rather than reopen its bid for the Netherlands-based company.
This, it said, would give it a more accurate assessment of the EU competitive landscape and that there’s no precedent that could limit international growth opportunity.
TNT added: “The appeal is intended to clarify the EC’s legal assessment of the dynamics of the European express market. It does not imply a renewal or reconsideration of the previously proposed UPS offer.”
UPS abandoned its bid for TNT on 14 January after the European Commission regulators indicated they would stop the deal.