Image c/o UPS
UPS Spokesperson Peggy Gardener said: "We are challenging the decision in order to ensure a more accurate assessment of the EU competitive landscape and that no precedent is established by the EC that would limit international growth opportunities."
UPS abandoned their bid to take over TNT in January 2013 when it became apparent that the EC intended to prohibit the merger on the grounds that it would restrict competition in the EU and may result in price increases. Gardner described the EC’s decision as “factually and legally erroneous”.
TNT’s stock plummeted after the withdrawal of UPS bid in January but has shown signs of recovery since then. For its part, the Dutch company is implementing a recently announced updated strategy and profit improvement plan.
Sources: Reuters, Bloomberg, TNT