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Brazil: UPS files appeal over FedEx-TNT approval

By  |  February 18, 2016

United Parcel Service is appealing a decision by Brazilian regulators to approve FedEx planned takeover of the Netherlands’ TNT Express NV, a move that could potentially stall the nearly $5 billion deal.

The delivery giant filed the appeal after Brazil’s antitrust agency, also known as CADE, cleared the proposed transaction on Feb. 2.

“The review process in Brazil contains an option to submit an application to the senior level of CADE to consider a more in-depth review of an initial finding,“ a UPS spokesman said Thursday. ”This option has been exercised as part of ensuring a fair and thorough investigation.”

FedEx and TNT Express, who issued a statement on the appeal earlier Thursday, said they remain confident the deal will be closed in the first six months of this year. Efforts to secure regulatory approval in other countries, including China, are making timely progress, the companies said.

Full content: The Wall Street Journal

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