China: FedEx-TNT deal clears final regulatory hurdle

FedEx said Friday that the biggest acquisition in the company’s 43-year history has cleared its final regulatory hurdle, after the deal received approval from Chinese officials.

The Memphis-based parcel delivery service said the $4.8 billion acquisition of Europe’s third-largest delivery company entered the home stretch with approval by Ministry of Commerce People’s Republic of China. The acquisition is expected to close by June 30.

“I want to thank the team members who collaborated with regulatory authorities around the world to help us reach this important acquisition milestone,” said David Bronczek, president and chief executive officer, FedEx Express.

“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,” Bronczek said.

Regulatory approvals cleared the way for TNT Express stockholders to tender their shares. TNT shareholders voted in favor of the deal last fall.

Full Content: Stat Trade Times

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