LONDON — United Parcel Service said Monday that it would withdraw its $6.9 billion takeover bid for TNT Express, a Dutch shipping company, after European antitrust authorities told UPS that they would block the deal.
The announcement is a blow to UPS’s expansion outside of the United States, as the deal for TNT Express would have given the US company a larger presence in Europe and emerging markets.
Since first announcing the deal last March, UPS had faced difficulties with European regulators, who feared the takeover would hamper competition.
To appease antitrust concerns, UPS had agreed to sell a number of business units and to grant access to some of its airline network to rivals. TNT Express also said it would sell its own airline operations.
The company had been locked in negotiations with European regulators since November, but was told late last week that its proposed concessions did not meet authorities’ demands.
‘‘We are extremely disappointed with the European Commission’s position,’’ UPS chief executive, D. Scott Davis, said. ‘‘We proposed significant and tangible remedies designed to address the European Commission’s concerns with the transaction.’’
New York Times