Report: UPS intent on TNT deal despite antitrust concerns
Atlanta Business Chronicle by Carla Caldwell, Morning Call Editor
Date: Wednesday, October 17, 2012, 4:36am EDT - Last Modified: Wednesday, October 17, 2012, 8:49am EDT
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The head of UPS International on Tuesday told EU antitrust regulators to be "reasonable" in assessing the Atlanta-based company's bid for Dutch rival TNT Express.
Atlanta-based United Parcel Service Inc. (NYSE: UPS) is committed to its $5.2B euro ($6.7 billion) bid for Dutch rival TNT Express and on Tuesday urged EU antitrust regulators to be "reasonable" in assessing it, reports Reuters.
Daniel Brutto, head of UPS International, was in Brussels Tuesday to meet officials from the EU watchdog, the news service said.
"We don't see any reason why the deal won't go through if both are reasonable," Brutto told reporters.
The European Commission, which regulates antitrust matters in the 27-member European Union, is worried that such a deal would not leave enough competition in the package delivery business and is expected to send a statement of objections or charge sheet to UPS within a week , Reuters reports.
UPS may have to make concessions, including asset sales, to soothe regulatory concerns, Reuters said.
Read More at Reuters