Published: 08 April 2013 09:27 AM
Industry Channel: Transport & Distribution
UPS is launching an appeal against the European Commission’s ruling prohibiting its proposed acquisition of TNT Express. But this does not mean it is renewing its bid, according to TNT.
The €5.16 billion bid was abandoned in January after the commission concluded that it would have restricted competition in 15 European member states with regard to express delivery of small packages to another European country.
UPS is launching its appeal in the European Court of Justice.
In a statement, TNT Express said it: “understands that 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.”
TNT would continue to focus on the execution of its updated strategy and profit improvement plan as announced on 25 March 2013, it said.
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