FedEx and TNT deal gets clearance in Brazil following UPS appeal
30 / 03 / 2016
FedEx’s proposed takeover of TNT Express has finally been approved by Brazilian authorities after UPS filed an appeal with the economic regulator in Brazil.
The two express firms today announced that Brazil’s Conselho Administrativo de Defesa Econômica (CADE) had rejected the third party appeal of the unconditional approval of FedEx’s takeover of TNT announced on February 18.
When the appeal was filed, a UPS spokesperson said the review process in Brazil contains an option to submit an application to the senior level of CADE to consider a more in-depth review of an initial finding.
It decided to exercise this option as part of ensuring a fair and thorough investigation.
FedEx and TNT Express have now obtained unconditional competition approval in the EU, Brazil and the US.
They said they would continue to work constructively with regulatory authorities to obtain clearance of the transaction in the remaining relevant jurisdictions, including China.
The two integrators said they were making “timely progress” and continue to anticipate that the deal will close in the first half of calendar year 2016.