UPS incurs $284m in charges from failed TNT Express takeover

Washington DC
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The United Parcel Service (UPS) incurred $284 million in pre-tax charges related to the unsuccessful takeover of Dutch operator TNT Express, a first quarter 2013 earnings release shows.

The Atlanta-based carrier incurred a €200 ($268 million) fee to terminate the transaction and recorded $16 million in other expenses, it says.

The European Commission blocked UPS' plan to acquire TNT Express in January, citing competition concerns. The operator then formally withdrew its offer on 30 January.