The acquisition of Emery Worldwide by UPS did not include Emery Worldwide Airlines just as the acquisition of TNT Express NV by UPS will not include TNT Airways. You are confused if you believe that Emery and Menlo were different entities somehow (go to
Emery Worldwide Freight Services - UPS Supply Chain Solutions). Emery Worldwide Airlines got it’s FAA operating certificate revoked because it made the acquisition simpler and enhanced value for both parties in the transaction (think Babbit’s DUI and the Cargo Carve-Out).
The relationship between Emery Worldwide Airlines to Menlo/Emery was no different than the relationship between UPS to UPS Airlines or TNT Express NV to TNT Airways. UPS doesn’t want or need TNT Airways and existing treaties and laws would prohibit the acquisition and outright foreign ownership of an EU airline. I expect the IPA and/or UPS to allow other operators to fly UPS volume as allowed by their agreement. My point is that eventually the TNT volume will be UPS volume in the UPS network and TNT Airways will probably either cease to exist (like Emery Worldwide Airlines) or look very different (like Challenge/Centurion) in a few years.