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European Commission approves FedEx acquisition of TNT after probe
FEDEX and TNT Express have announced that they have received "unconditional" approval from the European Commission to merge.
A preliminary investigation indicated that the other two global 'integrators', DHL and UPS, would be the only significant competitive constraint on the merged entity.
"As the proposed transaction would reduce the number of 'integrators' competing in the EEA [European Economic Area] from four to three, the competitive constraint on the merged entity would be significantly reduced, leading to a concentrated market in several member states for international express delivery services to a destination within or outside the EEA," the European Commission said last July.
But now FedEx and TNT say the European Commission has concluded that the deal does not raise any competition concerns.
"We are extremely pleased to receive the European Commission's unconditional approval," said David Binks, regional president for Europe at FedEx Express.
"We believe the combination of TNT Express and FedEx will provide significant value to the employees, customers and shareholders of both companies."
FedEx and TNT Express said they were continuing to work with other international regulatory authorities to obtain clearance in the remaining jurisdictions, notably Brazil and China.
A preliminary investigation indicated that the other two global 'integrators', DHL and UPS, would be the only significant competitive constraint on the merged entity.
"As the proposed transaction would reduce the number of 'integrators' competing in the EEA [European Economic Area] from four to three, the competitive constraint on the merged entity would be significantly reduced, leading to a concentrated market in several member states for international express delivery services to a destination within or outside the EEA," the European Commission said last July.
But now FedEx and TNT say the European Commission has concluded that the deal does not raise any competition concerns.
"We are extremely pleased to receive the European Commission's unconditional approval," said David Binks, regional president for Europe at FedEx Express.
"We believe the combination of TNT Express and FedEx will provide significant value to the employees, customers and shareholders of both companies."
FedEx and TNT Express said they were continuing to work with other international regulatory authorities to obtain clearance in the remaining jurisdictions, notably Brazil and China.
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