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China gives the go-ahead for FedEx-TNT deal
In the final step needed to gain worldwide regulatory approval for FedEx’s acquisition of TNT Express, China’s Ministry of Commerce has given its official thumbs up.
China was the last big hurdle for the FedEx-TNT deal, for which competition clearances are required as a condition of the offer.
This follows approval from Brazil, the US and Europe in the preceding months. After UPS’ own bid was rejected by the European Commission in 2013, the rival courier company tried to appeal the decision in Brazil and in Europe, to no avail.
The acceptance period of the FedEx-TNT deal ends May 13th, which means that the closing of the deal is likely to be imminent.
FedEx would acquire TNT Express for $4.8 billion.
(Source: Logistics Management)