EUROPE's anti-competition
watchdog is to launch an in-depth investigation into the United Parcel Service's
(UPS) acquisition of Dutch rival TNT express for US$6.8 billion, thus ending
hopes of having a done deal by the end of the year.
The European Commission is
to use this extension of its probe to review additional information over
concerns of market dominance in international express deliveries, particularly
small packages, in several European markets. The US-based delivery company,
under European law, cannot own TNT's airline operations.
UPS will extend offer period
for the TNT Express's airline operations if the deal isn't met by deadline of
November 9.
Source : HKSG.
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