Submitted by Fox First at Ten on January 14th
By The Associated Press
TNT FIZZLES: United Parcel Service Inc. has ditched its €5.2 billion ($6.9 billion) takeover of struggling Dutch package delivery company TNT Express NV, citing objections from European regulators.
COMPETITION QUESTIONED: UPS offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. Regulators said in October that the deal would hurt competition in the sector.
FUZZY FUTURE: Though TNT will receive a €200 million ($265.5 million) break fee, it faces an uncertain future. TNT lost €3 million In the third quarter of 2012, .
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
