United Parcel Service Inc said it would drop its 5.2 billion euro ($7 billion) bid for Dutch delivery firm TNT Express on the expectation of an EU veto, a sharp blow that halved the value of TNT's shares within minutes.U.S.-based UPS, the world's No. 1 package delivery company, had sought to purchase the Dutch firm to gain access to its European network and business in fast-growing Asia and Latin America.The collapse of the deal is particularly damaging for TNT Express, which has struggled to turn around in a weak European market and will have trouble regaining market share, believed to have been eroded during the talks with UPS. The plunge in its share price wiped more than 2 billion euros off its value.UPS would also have to adjust to the loss of opportunity, said Philip Scholte at Rabobank: "This is going to make it hard for UPS to increase its position in Europe on its own."
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 $77.92. In the past year, the shares have traded as low as $69.56 and as high as $81.79. On average, 3525420 shares of UPS exchange hands on a given day and today's volume is recorded at 0.
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