UPS is dropping its $7-billion bid for Dutch delivery firm TNT Express after European anti-trust regulators said they would veto it, leaving TNT's future in doubt and almost halving the value of its shares.Shares in U.S.-based United Parcel Service Inc gained 1.2 percent on Monday after the world leader in the sector said in a statement that European Union officials had told it the EU's executive Commission would veto the deal. An EU spokesman said only that its final decision would be made public by Feb. 5.UPS wanted to purchase the smaller firm for its European network and assets in fast-growing Asia and Latin America. But while the collapse of the 5.2-billion euro takeover means a rethink at UPS, the impact is far greater on TNT, which is now struggling in a weak European market and lacks a strategy for developing on its own after nearly a year of negotiations on the merger.Investors wiped nearly 2 billion euros off its value as the share price dived 42 percent to 4.750 euros.
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 traded higher by 1.66% or $1.29/share to $79.21. 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 3667343.
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