TNT Express quarterly income falls 12% TNT Express reported a fall in revenues and organic earnings in the third quarter as the Dutch delivery company awaited European competition authorities" criteria for approving its acquisition by American peer UPS. The group's performance improved in Asia-Pacific and the Americas, but declined in recession-hit Europe as customers traded down to slower, lower-margin delivery products. Bernard Bot, acting chief executive, said: "Unfortunately trading conditions were more challenging than we would have liked. However, we made the necessary cost savings to support profitability. TNT Express revenues were €1.12bn - up 2.1 per cent year on year in nominal terms, but down 1.9 per cent after accounting for exchange rates. After accounting for exchange rates and exceptional items, operating profit was €38m, down 12 per cent year on year. Earlier this month the European Commission officially objected to UPS's €5.2bn offer to acquire TNT Express. TNT Express management accepted UPS's offer of €9.50 per share in March, but Joaquín Almunia, European competition commissioner, has said the merged entity would be too dominant in express delivery services on some routes. UPS is seeking to benefit from TNT Express's big market share in the European market. Mr Bot said the merger with UPS was moving forward and would be completed in 2013, though no details would be forthcoming until the commission specifies what remedies it would need to approve the deal. The company hopes for an announcement from the commission by December. In addition to whatever remedies the commission specifies, TNT Express is negotiating to sell its airline, which UPS cannot acquire because of EU rules barring non-European companies from owning Europe-based airlines. The results had little effect on TNT Express's share price, which largely depends on investors" expectations about whether the EU will approve the merger deal. Shares were up 0.5 per cent to €8.20 in early trading on the Amsterdam exchange, against a 0.5 per cent drop in the AEX index.