VOL. 131 | NO. 99 | Wednesday, May 18, 2016
FedEx Acquisition of TNT Express to Close May 25
By Madeline Faber
FedEx Corp.’s $4.8 billion takeover of Dutch shipping company TNT Express will close May 25.
The logistics companies jointly announced Wednesday, May 18, that 88.4 percent of TNT shareholders have accepted the offer, which comes in at 8 euros (around $9 U.S.) in cash per share.
The majority’s approval renders the deal unconditional.
“May 25, 2016, will be a profound moment in the history of these two great companies. Together, we will transform the global transportation industry, connecting even more people and possibilities around the world,” said FedEx Express president and CEO David Bronczek in a statement.
The acquisition will cap an approval process that took over a well over a year. The companies had to gain approvals from regulatory bodies in the European Union, Brazil, China and the U.S.
One of the biggest hurdles was clearing an antitrust investigation leveraged by the European Union.