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France : UPS modifies TNT Express bid to get EU approval
Publish Date : 01-Dec-2012
US delivery giant United Parcel Service (UPS) said on Friday it had amended its multi-billion-euro bid for Dutch firm TNT Express to meet EU conditions and close the deal by next year.
\"UPS and TNT announce that in line with Dutch disclosure requirements, remedies have been submitted to obtain competition clearance from the European Commission for the acquisition,\" a statement said.
\"The proposed remedies aim to address the EC\'s concerns regarding the competitive effects of the intended merger on the international express small package market in Europe,\" it added.
In June, UPS launched a 5.16-billion-euro (US$6.71 billion) takeover bid for TNT Express, but European Commission competition authorities announced a month later they would investigate how the deal could affect the European market.
