China green lights FedEx/TNT deal
China’s Ministry of Commerce (MOFCOM) has given its unconditional approval to the planned FedEx/TNT Express merger. In a statement issued jointed by FedEx and TNT on Friday (29 April), David Bronczek, President and CEO of FedEx Express, said: “I want to thank the team members who collaborated with regulatory authorities around the world to help us reach this important acquisition milestone.
“As we work towards closing the acquisition, we look forward to welcoming TNT Express team members to the FedEx family of companies as we expand our portfolio of solutions and connect even more people and possibilities.
“With this final regulatory approval, we are one step closer to making the vision of combining the complementary networks of FedEx and TNT Express a reality,” said Tex Gunning, Chief Executive Officer, TNT Express. “This intended acquisition will bring value for our customers, shareholders and employees.”
As previously reported, FedEx and TNT have already secured the approval of the US, European Union (EU) and Brazilian authorities – amongst others. Now MOFCOM has given its approval, the offer condition with respect to Competition Clearances has been fulfilled. The acceptance period for the offer ends on 13 May.
