It has been announced this week that FedEx is to buy Dutch parcel carrier, TNT Express. The two companies recently issued a joint press release, saying that they were both to enter a merger protocol together which will see ordinary shares of TNT Express at an offer price of 8 Euros per share.
The press release explained that customers will be able to enjoy access to an enhanced and improved integrated global network; TNT Express’ strong European capabilities will join FedEx’s strength in other regions throughout the globe, including North America and Asia.
Speaking on behalf of FedEx, Chairman and CEO Frederick W. Smith has said: “We believe that this strategic acquisition will add significant value for FedEx shareowners, team members and customers around the globe. This transaction allows us to quickly broaden our portfolio of international transportation solutions to take advantage of market trends - especially the continuing growth of global e-commerce - and positions FedEx for greater long-term profitable growth.”
CEO of TNT Express, Tex Gunning, commented: “This offer comes at a time of important transformations within TNT Express and we were fully geared to executing our stand-alone strategy. But while we did not solicit an acquisition, we truly believe that FedEx’s proposal, both from a financial and non-financial view is good news for all stakeholders.”
FedEx and TNT Express expect that the offer will close during the first half of next year.