Brazil: FedEx $4.9 billion takeover of TNT Express approved

Brazilian competition watchdog Conselho Administrativo de Defesa Econômica has unconditionally approved FedEx’s plans to acquire TNT Express.

In February 2015, FedEx inked a conditional agreement to acquire 100% of TNT Express for $4.9 billion.

Announcing the unconditional Brazilian clearance on Feb. 2, FedEx Express president and CEO David Bronczek said the acquisition will bring opportunities for the company’s stakeholders in Latin America and across the globe.

The Brazilian approval can be appealed within 15 calendar days of the official publication of the decision.

For the merger to complete, FedEx and TNT require competition approval from the European Union, Brazil, China and the US Of these, China is now the only clearance outstanding.

“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,” the partners said.

Full content: Air Transport World

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