FedEx takeover of TNT edges forward

FedEx’s takeover of TNT has taken another step forward after Brazil’s competition authority gave its go-ahead to the acquisition.
The US parcel giant said Brazil’s Conselho Administrativo de Defesa Econômica had yesterday unconditionally approved its intended acquisition of TNT Express.
“We are very pleased with the unconditional approval from the Brazilian regulatory authority,” said David Bronczek, president and chief executive, FedEx Express. “Once the acquisition is closed, we look forward to the opportunities it will bring to our employees, customers and shareholders in Latin America and across the globe.”
Under Brazilian law, the decision may be appealed within 15 calendar days of the official publication of the decision.
While the US and European Commission have given their approval to the deal, China has yet to give its go-ahead.
The companies said: “FedEx and TNT Express continue to work constructively with the regulatory authorities to obtain clearance of the transaction in the relevant jurisdictions, including China.
“FedEx and TNT Express are making timely progress and continue to anticipate that the Offer will close in the first half of calendar year 2016.”

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