UPS won't renew bid for TNT Express (translated)
Story
US logistics giant UPS won't renew its bid for its Dutch partner TNT Express, a report from Dutch newswire RTLZ said, citing UPS Chairman Frank Sportolari.
In April 2013, the European Commission blocked a takeover of TNT by UPS for EUR 5,2bn, citing competition problems.
UPS is eyeing investments in other European logistics firms operating in the medical sector, Sportolari said, according to the item.
UPS CFO Kurt Kuehn said earlier this week that the company plans to invest up to USD 1bn in Europe in the next three to five years. A large part of this will be spent in Germany, the item noted.
Source RTL Nieuws