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Order HereFedEx has said it is making “timely progress” with its plans make an offer for 100% of Dutch integrator TNT Express, although it may need more time from Dutch authorities.
The €4.4 billion ($4.9 billion) offer, which was announced in April, requires competition clearances from various bodies in Brazil, China, the European Union, the Netherlands and the US.
Although the competition approval process is “proceeding without delays,” FedEx warned that the formal clearances could take up to a year. “As such, it may be required to obtain an exemption from the [Dutch market regulator] AFM to (further) extend the offer period,” the companies said. FedEx still plans to submit an offer document to AFM before June 30, which is the deadline under Dutch law.
Two years ago, rival freight carrier UPS was blocked from a similar transaction on competition grounds, but the partners believe this deal will go through. “FedEx and TNT Express remain confident that substantive anti-trust concerns, if any, can be addressed adequately and in a timely fashion,” the two companies said in a joint market update.
If the acquisition is successful, TNT Express will have to sell its airline operations. The partners expect to close the deal by June 2016.
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Order HereFedEx has said it is making “timely progress” with its plans make an offer for 100% of Dutch integrator TNT Express, although it may need more time from Dutch authorities.
The €4.4 billion ($4.9 billion) offer, which was announced in April, requires competition clearances from various bodies in Brazil, China, the European Union, the Netherlands and the US.
Although the competition approval process is “proceeding without delays,” FedEx warned that the formal clearances could take up to a year. “As such, it may be required to obtain an exemption from the [Dutch market regulator] AFM to (further) extend the offer period,” the companies said. FedEx still plans to submit an offer document to AFM before June 30, which is the deadline under Dutch law.
Two years ago, rival freight carrier UPS was blocked from a similar transaction on competition grounds, but the partners believe this deal will go through. “FedEx and TNT Express remain confident that substantive anti-trust concerns, if any, can be addressed adequately and in a timely fashion,” the two companies said in a joint market update.
If the acquisition is successful, TNT Express will have to sell its airline operations. The partners expect to close the deal by June 2016.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereFedEx has said it is making “timely progress” with its plans make an offer for 100% of Dutch integrator TNT Express, although it may need more time from Dutch authorities.
The €4.4 billion ($4.9 billion) offer, which was announced in April, requires competition clearances from various bodies in Brazil, China, the European Union, the Netherlands and the US.
Although the competition approval process is “proceeding without delays,” FedEx warned that the formal clearances could take up to a year. “As such, it may be required to obtain an exemption from the [Dutch market regulator] AFM to (further) extend the offer period,” the companies said. FedEx still plans to submit an offer document to AFM before June 30, which is the deadline under Dutch law.
Two years ago, rival freight carrier UPS was blocked from a similar transaction on competition grounds, but the partners believe this deal will go through. “FedEx and TNT Express remain confident that substantive anti-trust concerns, if any, can be addressed adequately and in a timely fashion,” the two companies said in a joint market update.
If the acquisition is successful, TNT Express will have to sell its airline operations. The partners expect to close the deal by June 2016.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.