United Parcel Service said Monday that it will withdraw its $6.9 billion offer to buy Dutch shipping company TNT Express after being told by European regulators they intended to block the deal over competition concerns.
In its own statement on Monday, TNT said it had also been informed by European Commission officials that the deal would not gain the body’s approval. The two companies said the deal will be officially terminated once the EC issues its formal decision—an event that is expected to occur in the next couple of weeks. Per the terms of their agreement, which was announced last March, UPS will pay TNT a termination fee of $267.4 million.
