Reuters: Regulatory News: UPDATE 1-UPS, TNT offer assets sales to remove EU antitrust worries

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UPDATE 1-UPS, TNT offer assets sales to remove EU antitrust worries Nov 30th 2012, 06:30 Fri Nov 30, 2012 1:30am EST AMSTERDAM Nov 30 (Reuters) - United Parcel Service Inc and its Dutch takeover target TNT Express said they have submitted a plan to sell assets and open up air flight operations to allay European Commission anti-trust concerns resulting from the deal. The European Commission (EC), Europe's competition watchdog, last month warned UPS, the world's No. 1 package delivery firm, about the combined companies' high market share and said it would seek concessions before it could approve the deal. TNT Express shares have fallen sharply below the offer price of 9.50 per share, or about 5.2 billion euros ($6.8 billion) in total, on fears the deal could fall apart due to possible objections from the European Commission. TNT's stock closed at 7.57 euros on Thursday. "The proposed remedies aim to address the EC's concerns regarding the competitive effects of the intended merger on the international express small package market in Europe," U.S.-listed UPS and TNT Express said in a joint statement. The two companies did not say which operations and assets could be sold, and did not name any possible buyers or users of their air flight operations.

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