Yesterday, the EU Commission decided to resume its investigation into the merger of TNT Express NV. and its U.S. competitor UPS.
|Image c/o bloomberg.com|
An official statement on the Commission’s website confirmed that investigations had resumed on 14th August after a week’s suspension on the grounds of the participating parties' inability to meet the submission deadline.
Now, a new provisional deadline has been set as 20th December 2012.
A day before the decision was made, UPS published a statement declaring its intention to apply for a deadline extension in order to get approval for the proposed offer of EUR 9.50 per share.
Both companies remain confident about the 5.2-billion-Euro acquisition which they hope to close by the end of this year.
Sources: PostandParcel.info, MarketWatch.com