United Parcel Service, Inc. (NYSE: UPS) and TNT Express N.V. (NYSE Euronext: TNTE) confirmed today they have received a Statement of Objections (SO) from the European Commission (EC). The SO addresses the competitive effects of the intended merger on the international express small package market in Europe. The competitive effects will be further defined as the process continues.
The SO is a normal step in a second phase merger procedure. It is a confidential document that sets out a provisional position of the Commission and does not prejudge the final outcome of the case. UPS and TNT Express will respond to the EC within a couple of weeks, and intend to preserve the confidentiality of the document and discussions in line with common practice.
UPS and TNT Express believe competition in Europe continues to be significant, coming from multiple players who offer similar services. The combined company will help create a more efficient logistics market, thereby improving the competitiveness of Europe and the solutions offered to businesses and consumers. Those benefits include future improvements to e-commerce to help achieve the EU objective of a Digital Single Market. In addition, customers and consumers will benefit from a broader portfolio of services and better global access, along with lower supply-chain costs overall and improved service levels in terms of timing and reliability.
UPS and TNT Express have worked closely with the European Commission during this process, and look forward to continuing open and constructive discussions as we work to complete the transaction in early 2013.About UPS United Parcel Service (NYSE:UPS) is a global leader in logistics, offering a broad range of solutions including the transportation of packages and freight, the facilitation of international trade, and the deployment of advanced technology to manage the world of business more efficiently. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the Web at UPS.com and its corporate blog can be found at blog.UPS.com. To receive UPS news direct, visit pressroom.UPS.com/RSS.
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