China green light for FedEx-TNT deal
03 / 05 / 2016
FedEx Corporation and TNT Express have said that they have obtained the unconditional approval of China’s Ministry of Commerce (MOFCOM) for their merger.
With one of the last remaining hurdles to the deal surmounted, the two express companies say that the offer condition with respect to competition clearances has now been fulfilled.
Authorities in Brazil, Europe and the US have already cleared the merger.
TNT chief executive Tex Gunning said: “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.”