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The Boston Globe

Business

EU rejects UPS’s $6.9b bid for TNT

BRUSSELS — The European Union’s antitrust chief on Wednesday rejected a $6.9 billion deal for UPS to acquire Dutch delivery company TNT Express and said he was surprised the US group jettisoned the venture when there was still hope for a solution.

Antitrust commissioner Joaquin Almunia said that European businesses ‘‘would have been directly harmed’’ by the takeover ‘‘because it would have drastically reduced choice between providers and probably led to price increases.’’

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