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UPS pulls out of TNT takeover

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UPS pulls out of TNT takeover

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Dutch delivery firm TNT’s shares halved within minutes on Monday morning on the news that US rival UPS was abandoning its takeover, as it was expecting a rejection from the EU’s competition commissioners.
The deal collapse is bad news for TNT, which lost market share during negotiations, is struggling with weak sales in Europe which has led the company to cut capacity there, and is not strong in any other market.