January 14, 2013 at 12:12 PM EST
EC Opposition Scuttle UPS' Proposed Purchase Of TNT
UPS (UPS) said it's dropping its $7 billion bid for Europe's TNT Express in the face of opposition by the European Union. The world's largest package delivery company said it had revised its proposal for Netherlands-based TNT twice since March to make it more palatable to regulators at the EU's European Commission regulatory agency. "We are extremely disappointed with the EC's position," UPS CEO Scott Davis said in a statement, adding, "We
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