(AP) -- UPS scrapped plans to grow in Europe through the acquisition of Dutch delivery company TNT Express because European regulators were getting ready to reject the $6.9 billion deal.
It would have been the largest acquisition in UPS history.
UPS offered in March to buy TNT, Europe's second-largest delivery company, to better compete with Europe's largest, Deutsche Post's DHL. Regulators objected, saying the deal would reduce competition in the market for express delivery of small packages. UPS said Monday that it had proposed "tangible remedies," but after meeting with regulators on Friday, the Atlanta company told TNT it saw no prospect of the deal being approved.