UPS and TNT Express receive extension for offer period

The Netherlands Authority for the Financial Markets (AFM) has granted two of the world’s largest carrier, UPS and TNT, with an exemption to their offer period.

After the EU Commission raised doubts about fair competition amongst carriers in the European logistics market, the AFM now decided to give UPS a second chance to prove itself.

The offer period has been extended to one week after clearances from the Chinese Ministry of Competition and the EU Commission. UPS and TNT will have until 23^rd February 2013 to fulfil the offer condition regarding the competition clearance. Should this date be missed, then UPS will have to pay a high termination fee in the region of EUR 200 million.

Source: UPS