UPS to shift focus after TNT deal rejected

Mary Jane Credeur and Aaron Kirchfeld
Bloomberg News
January 16, 2013

United Parcel Service Inc. will pursue smaller European acquisitions and growth in its own business after its $6.9 billion purchase of TNT Express NV fell apart, people familiar with the matter said.

 

The world's biggest package-delivery company learned in a meeting Friday with the European Commission that the deal would be rejected, said the people, who asked not to be identified because the plans aren't public. That triggered a weekend of planning sessions in which Atlanta-based UPS decided to abandon the transaction, the people said.

 

Seeking targets smaller than Hoofddorp, Netherlands-based TNT may help UPS avoid regulatory challenges like those that thwarted what would have been the biggest deal since its founding in 1907. UPS has operated in Europe for 35 years and is spending $200 million to expand its air hub in Cologne, Germany.

 

The TNT acquisition had been announced last March.



 

Get Advice Join TDU Donate

Recent News

Hoffa Announces Retirement, Taps Steve Vairma to Head Successor Slate

James P. Hoffa announced today that he will not be seeking re-election in the 2021, in a memo to Teamster officers, locals and staff.

Just hours later, Steve Vairma announced his candidacy for Teamster President. Vairma is the Secretary Treasurer of Denver Local 455, the President of Joint Council 3, an IBT vice president and the director of the IBT Warehouse Division. 

Hoffa Announces His Retirement

James P. Hoffa announced today that he will not be seeking re-election in the 2021, in a memo to Teamster officers, locals and staff, and will retire at the end of his current term.

View More News Posts