NEW YORK -- United Parcel Service (UPS) has withdrawn its €5.2 billion ($7 billion) takeover of TNT Express after it learned that European regulators would block the deal.
UPS offered to buy TNT, Europe's second-largest delivery company, in March, to better compete with Deutsche Post's DHL. But regulators said in October that the deal would lead to over-concentration in the sector.
"We are extremely disappointed with the EC's position," Scott Davis, UPS chairman and CEO, said in a statement.
UPS said it would pay TNT a termination fee of €200 million.5 Tech Stocks Spiking on Big Volume
Apple (AAPL) has cut orders for components for the iPhone 5 due to weaker-than-expected demand, people familiar with the situation told The Wall Street Journal. Apple's orders for iPhone 5 screens for the January-March quarter have dropped to roughly half of what the company had previously planned to order, two of the people told the newspaper. Apple also has cut orders for components other than screens, the report said. Apple notified the suppliers of the order cut last month, the people told the Journal. CES 2013: Tech Weekly Recap
Transocean (RIG) disclosed that activist investor Carl Icahn acquired a 1.56% stake in the offshore rig contractor and is looking to boost that holding, Reuters reported. Icahn is seeking regulatory approval to acquire shares worth more than $682.1 million. If he gets approval, Icahn would become one of Transocean's largest shareholders with just more than 5% of the company, according to Reuters.
JPMorgan Chase's (JPM) board is expected to dock the 2012 bonuses of CEO Jamie Dimon and another top executive because of the "London Whale" trading debacle, the Journal reported, citing people close to the company. An internal report, which is scheduled to be issued Wednesday, takes to task senior executives for the trade that cost the bank $6.2 billion in losses and led to the ouster of Chief Investment Officer Ina Drew, the Journal said.
Meg Whitman could get more than $15 million for her first year as CEO of Hewlett-Packard (HPQ), according to company filings, The Associated Press reported. The CEOs of major public companies made a median of $9.6 million in 2011, the most recent year available, according to executive pay research firm Equilar, AP reported.
PPG Industries (PPG) is expected by analysts Monday to post fourth-quarter earnings of $1.53 a share on revenue of $3.59 billion. 2 Stocks Surging on Unusual Volume
-- Written by Joseph Woelfel
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