UPS Announces EC is Working on Decision to Prohibit Acquisition of TNT Express

United Parcel Service UPS announced today the European Commission (EC) has informed UPS and TNT Express that it is working on a decision to prohibit the proposed acquisition of TNT Express TNTE. UPS submitted an initial remedies proposal on Nov. 29, 2012 and subsequently revised the proposal twice. UPS began the competitive review process with the EC in March 2012. Scott Davis, UPS Chairman and CEO said, “We are extremely disappointed with the EC's position. We proposed significant and tangible remedies designed to address the EC's concerns with the transaction. The combined company would have been transformative for the logistics industry, bringing meaningful benefits to consumers and See full press release