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Updates revealed regarding TNT takeover by FedEx
TNT Express has recently confirmed that it anticipates its takeover by FedEx will be completed by the first half of 2016 as reports show a loss of 1 million Euros for the second quarter. The parcel delivery company shows records of a 6.2% improvements year-on-year, however operating income decreased from 19 million Euros to 3 million last year alone, recording a net loss of 1 million Euros.
It has been said that the company has suffered with “structural underinvestment” over the past decade. This has led them to improve productivity through increased automation and replacement of out-dated hubs.
Paperwork has been submitted by FedEx to the Dutch and European competition authorities, requiring a shareholder meeting with TNT later this year. FedEx has the potential of a $4.6 billion takeover of TNT in all-cash offer.