Reuters: Regulatory News: UPS to defend TNT takeover Nov. 12 says EU Commission

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UPS to defend TNT takeover Nov. 12 says EU Commission Nov 7th 2012, 15:27 BRUSSELS | Wed Nov 7, 2012 10:27am EST BRUSSELS Nov 7 (Reuters) - United Parcel Service will seek to convince sceptical EU regulators about its proposed 5.2 billion euros ($6.7 billion) takeover of TNT Express at a closed-door hearing on November 12. The European Commission last month warned the world's No. 1 package delivery firm about the combined companys' high market share and would be seeking concessions before it would approve the deal. Analysts said the merged entity would control a quarter of the market, ahead of Deutsche Post unit DHL's 19 percent. The EU authority detailed potential problems in a 360-page confidential statement of objections or charge sheet, focusing on the intra-European express delivery market, according to sources. UPS is likely to offer concessions after the hearing towards the end of November. The TNT deal is the biggest in the U.S.-based company's 105-year history. FedEx also competes with UPS.

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