European Commission extends investigation into FedEx-TNT deal

The European Union has extended its investigation into FedEx’s $4.8bn bid to takeover TNT Express.
Brussels will now complete its investigation by January 13, instead of December 8 as initially expected.
"The parties have requested a 20-day extension for the phase II investigation, as they are entitled to do according to the merger regulation," Commission spokesman Ricardo Cardoso told Air Cargo News.
In July, the European Commission opened an in-depth investigation into the deal because of concerns it could reduce competition and push up prices.
The Commission said it had concerns that on a number of European markets for international express and regular small package deliveries, the merged entity would face insufficient competitive constraints from the only two remaining players, UPS and DHL.
This could lead to higher prices for business customers and consumers, it said.
Both TNT and FedEx said the probe was a normal part of the Commission’s investigation process.
A further announcement on the deal is expected next week.