UPS Purchase of TNT Express Questioned, Lloyds Mulls Sale: M&A Update
European Union competition chief Joaquin Almunia says that United Parcel Service’s (NYSE:UPS) €5.16 billion purchase of TNT Express requires “substantial remedies” so as to assuage antitrust issues, adding that the bloc’s review of Glencore International’s (GLCNF.PK) offer for Xstrata (XSRAF.PK) is “well advanced.” Almunia also remarked that regulators analyze the impact of a proposed deal on quality, pricing, innovation, and choice in addition to examining high market share, which is “not always problematic.”
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Lloyds Banking Group (NYSE:LYG) is said to be considering the divestiture of its 60 percent interest in the United Kingdom wealth manager St James’s Place and might attempt to place the shares on the market by the end of 2012. This chatter emerges while Lloyds faces further scrutiny from regulators in regards to its capital position.