TNT To Sell Airlines Over Antitrust Issues Ahead Of UPS' Buy

Law360, New York (November 16, 2012, 12:22 PM EST) -- Dutch delivery company TNT Express NV said Friday it would shed TNT Airways SA and Pan Air Lineas Areas SA to comply with European Union antitrust laws before its planned $6.8 billion purchase by American delivery services giant United Parcel Service Inc.

TNT Express will sell the airlines to Ireland-based ASL Aviation Group to abide by EU rules that forbid non-EU entities from owning or controlling more than 50 percent of an EU airline, the company said in a statement. The conditional sale will become effective...
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