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European Commission digs deeper into proposed buyout of TNT by FedEx
THE European Commission has entered the second phase of an in-depth probe into FedEx's proposed offer to acquire all of the shares in rival express delivery giant TNT for US$4.8 billion.
During this part of the process, the European Commission will conduct an in-depth analysis under the EU merger regulations before coming to a decision. The transaction is also under review by other antitrust agencies, such as China's Ministry of Commerce and Brazil's Conselho Administrativo de Defesa Economica, reported American Shipper.
"We will continue to work together with TNT Express to meet the European Commission's need for additional due diligence," said president of FedEx Express for Europe, David Binks, in a statement. "We continue to make progress on all of the necessary regulatory steps around the world that would allow us to complete this transaction in the first half of 2016."
FedEx also submitted a request for review and approval with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiele Markten) on June 26, as required under Dutch law, and at the same time as it submitted its request to the EC.
European Union regulators blocked UPS' takeover of TNT in January 2013 on the grounds that the deal would concentrate too much power in one courier company since UPS already had a strong presence in many European countries after a series of smaller acquisitions.
The TNT takeover would essentially reduce the number of global express carriers to three, along with DHL.
During this part of the process, the European Commission will conduct an in-depth analysis under the EU merger regulations before coming to a decision. The transaction is also under review by other antitrust agencies, such as China's Ministry of Commerce and Brazil's Conselho Administrativo de Defesa Economica, reported American Shipper.
"We will continue to work together with TNT Express to meet the European Commission's need for additional due diligence," said president of FedEx Express for Europe, David Binks, in a statement. "We continue to make progress on all of the necessary regulatory steps around the world that would allow us to complete this transaction in the first half of 2016."
FedEx also submitted a request for review and approval with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiele Markten) on June 26, as required under Dutch law, and at the same time as it submitted its request to the EC.
European Union regulators blocked UPS' takeover of TNT in January 2013 on the grounds that the deal would concentrate too much power in one courier company since UPS already had a strong presence in many European countries after a series of smaller acquisitions.
The TNT takeover would essentially reduce the number of global express carriers to three, along with DHL.
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