UPS Inc. agreed to a 10-day antitrust extension of its planned purchase of Netherlands-based package firm TNT Express by European regulators, while TNT reported a strong second-quarter profit, Bloomberg reported.
European officials earlier this month extended the regulatory review time needed in UPS’ planned $6.3 billion acquisition of TNT into the fourth quarter, from an originally targeted Aug. 31 deadline.
The review has now been extended until Dec. 12, according to a European Commission filing, Bloomberg said.
TNT, meanwhile, reported its second-quarter profit surged 10-fold from a year ago to $49 million, Bloomberg reported, citing a company statement.
Strong volume growth in Europe and cost savings and revenue-enhancement initiatives boosted the company’s profits in the Asia-Pacific region, TNT CEO Marie-Christine Lombard said in the statement.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.