THE HAGUE, Netherlands (AP) – Shares in Dutch delivery service TNT Express and PostNL, the company that owns almost a third of its stock, are down following an announcement that a European Comission probe into UPS’s proposed $5.16 billion takeover of TNT Express will take longer than previously expected.
Shares in PostNL slumped just over 5 percent to (EURO)3.21 ($3.91) Monday, while TNT Express shares were trading at (EURO)9.04 ($11.02), down 1.79 percent from their previous closing price.
TNT Express and UPS announced late Friday that they now expect the acquisition, UPS’s biggest takeover, to be completed in the fourth quarter of 2012 because the European Commission says there are “certain areas that require more time to analyze.”
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