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News Breaks
January 30, 2013
05:48 EDTTNTEY, UPSEuropean Commission confirms blocking of UPS takeover of TNT Express
The European Commission announced that it has prohibited under the EU Merger Regulation the proposed acquisition of TNT Express (TNTEY) by UPS (UPS). The Commission found that the take-over would have restricted competition in 15 Member States when it comes to the express delivery of small packages to another European country. In these Member States, the acquisition would have reduced the number of significant players to only 3 or 2, leaving sometimes DHL as the only alternative to UPS, the EU said. The agency added, "The concentration would therefore have likely harmed customers by causing price increases. During the investigation, UPS offered to divest TNT's subsidiaries in these 15 countries and allow the buyer to access its intra-European air network for five years. The Commission carried out an in-depth assessment, including a market test where customers and other interested parties were consulted. However, these remedies proved inadequate to address the identified competition concerns." Recall that UPS dropped its takeover bid TNT Express, saying the merger would be blocked by the European Commission. Reference Link
News For UPS;TNTEY From The Last 14 Days
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October 6, 2015
06:17 EDTUPSFedEx, UPS raise surcharges amid fuel price drop, WSJ reports
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October 5, 2015
07:00 EDTTNTEYFedEx responds to TNT Express shareholders adopting all resolutions
FedEx (FDX) has taken note of TNT Express' (TNTEY) press release in relation to the Extraordinary General Meeting that took place today confirming that the shareholders of TNT Express approved all of the resolutions on the agenda. This release is made in connection with the recommended public offer by FedEx Acquisition for all of the issued and outstanding ordinary shares in the capital of TNT Express, including all ordinary shares represented by American depositary shares, as more fully described in the Offer Document. The Asset Sale and Liquidation Resolutions, the Conversion Resolution and the Governance Resolutions are conditional on the Offer being declared unconditional and the Settlement thereof. The Asset Sale and Liquidation Resolutions are also conditional upon the number of Shares tendered under the Offer, together with those Shares held by or committed to the Offeror or its affiliates and the Shares to which the Offeror or its affiliates are entitled, being less than 95% but at least 80% of TNT Express' aggregate issued and outstanding ordinary share capital. As a result of the Asset Sale and Liquidation Resolutions and the Conversion Resolution having been adopted, under the terms and subject to the conditions of the Offer, the minimum acceptance condition of the Offer will be 80% of TNT's aggregate issued and outstanding ordinary share capital, on a fully diluted basis, as of the time and date on which the Offer expires.
October 2, 2015
12:23 EDTUPSSupply chain issues impact Pratt & Whitney production this summer, WSJ says
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08:03 EDTUPSConcerns about XPO Logistics 'rather overblown,' says Stifel
After meeting with XPO's (XPO) senior management and attending a Q&A session held by its CEO, Stifel says that the Con-way deal will enable the company to compete in new markets and should create "a lot more value over time" than the UPS (UPS)-Coyote deal. The firm is very upbeat on XPO's management team. It keeps a $62 price target and Buy rating on the shares.
07:35 EDTTNTEY, UPSUPS lobbies EU against FedEx-TNT merger, Bloomberg says
UPS (UPS) is lobbying to the EU against FedEx's (FDX) offer to acquire TNT Express (TNTEY), Bloomberg reports, citing people familiar with the EU's investigation of the proposed FedEx-TNT tie-up. UPS' proposal to acquire TNT Express was blocked by the EU two years ago, the report says. Reference Link
06:20 EDTUPS, TNTEYEU may demand concessions in FedEx, TNT merger, WSJ reports
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October 1, 2015
06:10 EDTUPSUPS to take minority stake in tech startup Ally Commerce, WSJ reports
UPS is investing in Ally Commerce, a tech startup that bypasses middlemen and allows brand manufacturers to set up websites and sell directly to consumers, The Wall Street Journal reports. UPS is set to take a minority stake in the startup, though exact terms of the investment have not been disclosed. Reference Link
September 29, 2015
09:34 EDTUPSDetroit Economic Club to hold a luncheon meeting
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