After trying to sell its domestic Brazilian business for nearly a year as part of a company realignment, TNT Express has ended discussions with potential bidders and has decided to hang on to the operations.
In a statement, the company said "there was interest in the business, but ultimately not at an acceptable price or conditions."
Due to the recent developments, TNT Express said it will now improve its Brazilian operations, focusing on reducing losses and generating new revenues.
The company announced last year that it would be selling it operations in Brazil and its Chinese domestic road business as part of its reorganization plan. The Chinese operation, which spanned 1,500 locations in more than 600 cities, sold to a private equity firm in March.
TNT has said its goal for the reorganization is to save 220 million euro through improvements and increased efficiency by 2015.
UPS withdrew its offer to purchase TNT Express in January 2013 after European regulators blocked the $6.7 billion sale.