UPS says EU plans to prohibit TNT deal
Jan 14 (Reuters) - United Parcel Service Inc said the European Commission has informed the company that it is working on a decision to prohibit UPS's proposed acquisition of TNT Express NV.
The world No. 1 package delivery company is seeking to buy Dutch peer and European market leader TNT to gain access to TNT's network in the fast-growing Asian and Latin American markets.
Upon prohibition by the commission, UPS's offer condition relating to EU Competition Clearance will not be fulfilled and the company will pay TNT a termination fee of EUR 200 million and withdraw the offer, UPS said in a statement.