Brazil upholds approval of FedEx/TNT deal

Brazil upholds approval of FedEx/TNT deal

The Brazilian regulator Conselho Administrativo de Defesa Econômica (CADE) has upheld its unconditional approval of FedEx’s intented acquisition of TNT Express. As previously reported, CADE first announced its approval of the deal on 18 February; but then a third party – generally understood to be UPS – lodged an appeal.

FedEx and TNT Express have now obtained unconditional competition approval in the EU, Brazil and the US. They are will working with the regulatory authorities in other areas, including China.

In a statement issued today about the CADE decision, FedEx and TNT Express added that they are “making timely progress and continue to anticipate that the Offer will close in the first half of calendar year 2016”.

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