The deadline for the European Commission to issue antitrust objections to the proposed FedEx takeover of TNT isn’t until Friday, Oct. 23, but both parties have already said they have been given the green light.
In a short joint statement on Tuesday, three days before the internal commission deadline, FedEx Corp. and TNT Express both said that they had received an assurance from the European Commission that “no Statement of Objections will be issued” regarding the planned merger offer. The release added that “FedEx and TNT continue to expect that the offer will close in the first half of calendar year 2016.”
FedEx made the US$4.9 billion offer for the Netherlands-based express company in August, and the offer was approved by TNT shareholders by Oct. 5. The deal would give FedEx a substantial foothold in the European express market.
By the latest estimates, if the deal goes through, the combined companies would have a 17 percent share of Europe’s express delivery business, making it the second largest delivery services company on the continent, ahead of UPS but behind Deutsche Post’s DHL.
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