UPS to defend TNT takeover November 12 says EU Commission
BRUSSELS (Reuters) - United Parcel Service (UPS.N) will seek to convince skeptical EU regulators about its proposed 5.2 billion euros ($6.7 billion) takeover of TNT Express (TNTE.AS) at a closed-door hearing on November 12.
The European Commission last month warned the world's No. 1 package delivery firm about the combined company's' high market share and would be seeking concessions before it would approve the deal.
Analysts said the merged entity would control a quarter of the market, ahead of Deutsche Post unit (DPWGn.DE) DHL's 19 percent.
The EU authority detailed potential problems in a 360-page confidential statement of objections or charge sheet, focusing on the intra-European express delivery market, according to sources.
UPS is likely to offer concessions after the hearing towards the end of November. The TNT deal is the biggest in the U.S.-based company's 105-year history. FedEx (FDX.N) also competes with UPS. ($1=0.7711 euros)
(Reporting by Foo Yun Chee; Editing by Mike Nesbit)
- Tweet this
- Share this
- Digg this
- Comedian Joan Rivers remains in serious condition at N.Y. hospital
- UPDATE 4-Iceland says eruption over, lifts all airspace restrictions
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Swedish carrier backs out as first Bombardier CSeries operator