Atlanta and Hoofddorp, October 19, 2012 - United Parcel
Service, Inc. (NYSE: UPS) and TNT Express N.V. (NYSE Euronext: TNTE) confirmed
today they have received a Statement of Objections (SO) from the European
Commission (EC). The SO addresses the competitive effects of the intended
merger on the international express small package market in Europe. The
competitive effects will be further defined as the process continues.
The SO is a normal step in a second phase merger procedure.
It is a confidential document that sets out a provisional position of the
Commission and does not prejudge the final outcome of the case. UPS and TNT
Express will respond to the EC within a couple of weeks, and intend to preserve
the confidentiality of the document and discussions in line with common
practice.
UPS and TNT Express believe competition in Europe continues
to be significant, coming from multiple players who offer similar
services. The combined company will help create a more efficient logistics
market, thereby improving the competitiveness of Europe and the solutions
offered to businesses and consumers. Those benefits include future improvements
to e-commerce to help achieve the EU objective of a Digital Single Market. In
addition, customers and consumers will benefit from a broader portfolio of
services and better global access, along with lower supply-chain costs overall
and improved service levels in terms of timing and reliability.
UPS and TNT Express have worked closely with the European
Commission during this process, and look forward to continuing open and
constructive discussions as we work to complete the transaction in early 2013.
This is a joint press release by United Parcel Service, Inc.
and TNT Express N.V. pursuant to the provisions of Article 5:25i paragraph 2 of
the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht) and
Article 4 paragraph 3, of the Decree on public offers Wft (Besluit Openbare
Biedingen Wft, the Decree) in connection with the recommended public Offer by
United Parcel Service, Inc. for all the issued and outstanding ordinary shares
and all American depositary shares representing ordinary shares in the capital
of TNT Express N.V. This announcement does not constitute an Offer, or any
solicitation of any Offer, to buy or subscribe for any securities in TNT
Express N.V. The Offer is made only by means of the Offer Memorandum. This
announcement is not for release, publication or distribution, in whole or in
part, in or into directly or indirectly Canada or Japan. Terms not defined in
this press release will have the meaning as set forth in the Offer Memorandum.
Forward Looking Statements:
This press release may include "forward-looking
statements" and language indicating trends, such as
"anticipated" and "expected." Although UPS and TNT Express
believe that the assumptions upon which their respective financial information
and their respective forward-looking statements are based are reasonable, they
can give no assurance that these assumptions will prove to be correct. Neither
UPS nor TNT Express, nor any of their advisors accepts any responsibility for
any financial information contained in this press release relating to the business
or operations or results or financial condition of the other or their
respective groups.
