Sunday, June 23, 2024
China approves FedEx’s takeover of TNT

China approves FedEx’s takeover of TNT

FedEx’s 4.4 billion euro ($5 billion) takeover of TNT Express has the final hurdle, having obtained unconditional approval from the Chinese government’s ministry of commerce.

Chinese government approval was the final regulatory requirement to overcome, after the European Union and Brazil’s Conselho Administrativo de Defesa Economica both approved the deal earlier this year, despite an appeal being filed in Brazil, which was dismissed.

FedEx Express president and chief executive officer (CEO), David Bronczek says: “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.”

TNT Express CEO, Tex Gunning says: “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. This intended acquisition will bring value for our customers, shareholders and employees.”

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