FedEx may acquire local partner Datian soon
FedEx Express may acquire its local partner Tianjin Datian W Group soon, becoming the second US express service provider to go solo in China as the market opens up, the Economic Observer reported.
The newspaper said FedEx Express China chief Eddy Chan denied that any such plans were being considered but it quoted sources as saying that FedEx has hired Baker & McKenzie as its legal adviser for a possible takeover.
The newspaper did not give any timeframe for the deal or provide possible financial details.
FedEx rival United Parcel Service Inc has already bought out its local partner Sinotrans, paying 100 mln usd to end a 16-year relationship.
China will allow freight forwarders to set up wholly-owned units by December of this year in accordance with its commitments to the World Trade Organization.
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