UPS $6.8 billion TNT Express acquisition failsJanuary 14, 2013 - 13:19 AMT PanARMENIAN.Net - TNT Express NV says that United Parcel Service Inc. has walked away from a $6.8 billion acquisition of the Dutch company after learning that European regulators would reject the deal in its current form, AP reported. UPS had offered to buy the struggling TNT, Europe's second-largest delivery company, in May, to better compete with Europe's largest delivery company, Deutsche Post's DHL. In October, regulators said the deal would lead to over-concentration in the sector, and UPS offered sell parts of the company's small package operations and airline assets. But after meeting with regulators Jan. 11, UPS told TNT it saw no hope the deal would be approved and it wasn't interested in further concessions. TNT will receive a €200 million ($265.5 million) break fee and now faces an uncertain future. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |