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 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.
Transport Topics