Just over two weeks since Brazil’s antitrust agency, CADE (Conselho Administrativo de Defesa Econômica) approved of the planned FedEx takeover of TNT, an appeal has been filed by competitor, UPS. This could muddy the waters on the US$4.8 billion deal, which so far has been moving forward without objection.
FedEx and TNT said, jointly, that they will continue to work together to obtain clearance of the transaction in the relevant jurisdictions, including China, which has yet to give its approval. Officials from the two companies said they remain confident that the offer will close in the first half of this year as planned.
The Wall Street Journal quoted a UPS spokesman, who said that the review process in Brazil contains an option to submit an application to the senior level of CADE to consider a more in-depth review of an initial finding. “This option has been exercised as part of ensuring a fair and thorough investigation,” the spokesman said.
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