Tuesday, May 21, 2024
FedEx takeover of TNT appeal rejected in Brazil

FedEx takeover of TNT appeal rejected in Brazil

The unconditional approval of FedEx’s acquisition of TNT Express has been upheld after the appeal lodged in Brazil was rejected.

Brazil’s Conselho Administrativo de Defesa Economica unconditionally approved the 4.4 billion euro ($4.9 billion) deal on 2 February but an unnamed third party filed an appeal on 18 February.

The takeover has received anti-trust approval from authorities in the European Union, US and now Brazil. It still needs to receive clearance in other jurisdictions including China but the takeover is expected to be completed in the first half of 2016.

In 2015 TNT’s revenue increased by 3.5 per cent to 6.9 billion euros and losses were reduced by 70.5 per cent to 56 million euros. In the third quarter ending on 29 February, FedEx posted revenue of $12.7 billion and a net income of $692 million.

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