Freight News, Logistics
Brazilian hiccup for FedEx-TNT deal?[ February 18, 2016 // Chris ]
FedEx and TNT Express say that a third party has filed an appeal against the Brazilian authority (CADE)’s unconditional approval of their merger plans.
At TNT’s recent press conference to announce their forth quarter results, chief financial officer Maarten Jan de Vries played down reports that the takeover deal had run into problems due to opposition by UPS in Brazil.
In their latest statement, TNT and FedEx say that they “continue to work constructively with the regulatory authorities to obtain clearance of the transaction in the relevant jurisdictions, including China, and are making timely progress. FedEx and TNT Express remain confident that the Offer will close in the first half of calendar year 2016.”