UPS has abandoned its €5.2bn bid for Dutch delivery group TNT Express in the face of stiff opposition from Europe’s antitrust chief, who is preparing to block a second big tie-up involving a US company in a year.
The decision to give up on attempts to win clearance from Brussels sent shares in TNT tumbling by as much as 49 per cent and marked a grim start to the year for M&A bankers and for hedge funds who bet on the deal being completed.
However, people close to the deal are speculating about the prospects of a separate bid for TNT from FedEx, the main rival to UPS. It would need to pay less than UPS and would face fewer competition obstacles.
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