Dutch regulator grants UPS extension on TNT buyout to February 28

THE world's biggest package-delivery company, United Parcel Service (UPS), has been granted an extension from the Netherlands Authority for the Financial Markets (AFM) to the last day of February next year to complete the proposed acquisition of TNT Express.

"Pursuant to the AFM exemption, the offer period is further extended until one week after clearances from the European Commission and the Chinese Ministry of Commerce have been obtained, but under no circumstances later than 28 February 2013," said a TNT statement.

The acquisition was scheduled to be completed in the last quarter of the year, with the relevant offer period closing November 9. But UPS announced earlier that the European Commission had provided a Statement of Objection to the two companies concerning the competitive impact on such proposal.