EU antitrust regulators blocked a 5.2 billion euro ($7 billion) bid by United Parcel Service Inc for TNT Express as expected, saying the firm had not offered adequate concessions to ensure the deal would not hurt consumers. The world's No. 1 package delivery company had flagged the negative decision on Jan. 14, saying it would withdraw its bid because of opposition from the EU competition regulator. The deal would have given it access to Dutch peer TNT's str onger networks in fast-growing Asian markets and Latin America.The European Commission, the EU competition watchdog, said the proposed merger would have reduced competition in 15 EU countries."(The deal) would have drastically reduced choice between providers and probably led to price increases," EU Competition Commissioner Joaquin Almunia said in a statement."We worked hard with UPS on possible remedies until very late in the procedure, but what they offered was simply not enough to address the serious competition problems we identified."
United Parcel Service, Inc. (UPS) is a package delivery company that operates in the United States less-than-truckload industry, and the provider of global supply chain management solutions. Shares of UPS remained unchanged at $82.21. In the past year, the shares have traded as low as $69.56 and as high as $82.76. On average, 3578820 shares of UPS exchange hands on a given day and today's volume is recorded at 0.
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